PH – Quick Take – Announces Acquisition of CIRCOR Aerospace for $2.55B

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PH – Quick Take – Announces Acquisition of CIRCOR Aerospace for $2.55B

Truist Securities

Equity Research Report May 21, 2026

INDUSTRIALS: Multi-Industry Parker-Hannifin Corporation (PH)

PH – Quick Take – Announces Acquisition of CIRCOR Aerospace Jamie Cook, CFA

212-303-4116 for $2.55B

Jamie.Cook@truist.com

Kevin Wilson, CFA News: PH announced this morning it has agreed to acquire the Commercial and Defense

212-590-0996 Aerospace business of CIRCOR International (owned by KKR [private]) for $2.55B. PH

Kevin.S.Wilson@truist.com expects the deal to close in calendar 2H 2026.

Company Overview: CIRCOR Aerospace designs and manufacturers flight-critical motion Stephen Farkouh and flow control products for both commercial aircraft and defense applications. The 212-401-4459

Stephen.Farkouh@truist.com company has production facilities in the US and EMEA and also provides support/service

solutions. The company expects CY2026 sales of $270M, adjusted EBITDA of ~$109M,

and adjusted EBITDA margin of ~40.6% (before synergies), above that of core Parker

Aerospace. The company expects DD% sales growth over the next several years supported

Current Price (May 20, $859.44 by its positioning on premier A&D programs. PH sees the acquisition as complementary

2026) to its existing portfolio with opportunities to further accelerate growth and drive operational

Stock Rating BUY synergies.

Unchanged Valuation and Synergies: The $2.55B purchase price (net of $75M tax benefits) represents

Price Target $1,147.00 22.7x CY2026 adjusted EBITDA or 18.2x CY2026 adjusted EBITDA, net of expected cost synergies. PH expects ~$26M in cost synergies by the end of the third full fiscal year (~10%

Unchanged of CY2026 sales).

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