Overview
- Parker announced on May 21, 2026 that it entered a definitive agreement to acquire CIRCOR’s Commercial and Defense Aerospace business for $2.55 billion on a cash‑free, debt‑free basis with an estimated $75 million net present value of tax benefits.
- Parker expects roughly 10% cost synergies that reduce the effective purchase multiple from 22.7x to about 18.2x of CIRCOR Aerospace’s 2026 estimated adjusted EBITDA and says the deal will be immediately accretive to sales growth, margins, adjusted EPS and cash flow.
- CIRCOR Aerospace is estimated to generate about $270 million in 2026 sales with adjusted EBITDA margins above 40% before synergies and has a roughly 80% OEM customer mix split about evenly between commercial and defense platforms.
- The business includes proprietary, flight‑critical hydraulic and flow control components produced in the United States and EMEA and Parker plans to apply its operating system to accelerate growth and capture operational improvements.
- The agreement names Guggenheim Securities and Jones Day for Parker and Goldman Sachs, Evercore and Kirkland & Ellis for CIRCOR; closing is subject to customary regulatory approvals and the market should watch integration progress and a minor outside report that cited a $2.6 billion cash figure not reconciled in the company release.