Parker Hannifin has entered into a definitive agreement to acquire the Commercial and Defence Aerospace business of CIRCOR International for $2.55 billion on a cash-free, debt-free basis.

The transaction, which is expected to close in the second half of 2026 pending regulatory approvals and customary conditions, includes expected tax benefits with an estimated net present value of approximately $75 million.

CIRCOR Aerospace designs and manufactures proprietary flight-critical motion and flow control products for commercial aircraft and defence applications, operating production facilities across the United States and EMEA.

The business expects calendar year 2026 sales of around $270 million and adjusted EBITDA margins exceeding 40% before synergies. Parker says expected cost synergies equate to roughly 10% of estimated 2026 sales.

Jenny Parmentier, chairman and chief executive officer of Parker, says: “This transaction represents our latest strategic investment in longer cycle, higher growth, high margin businesses aligned with our continuous focus on delivering top-quartile financial performance. CIRCOR Aerospace adds complementary capabilities and technologies, further expanding our ability to serve aerospace and defence customers.”

Tony Najjar, vice chairman of CIRCOR, says: “Parker is an innovative and proven leader in the aerospace and defence market with a portfolio of complementary technologies that will allow CIRCOR Aerospace and Parker to better serve customer needs.”