Parker Hannifin has agreed to acquire CIRCOR Aerospace, the aerospace division of KKR-owned CIRCOR International, for $2.55 billion in cash, the companies said Thursday.
CIRCOR Aerospace makes fluid control, pneumatic, electromechanical, and actuation components and subsystems for commercial aerospace and defense markets
The deal is expected to close in the second half of 2026, subject to regulatory approvals and other closing conditions. After the sale closes, CIRCOR’s naval and industrial divisions will remain under KKR’s ownership. The buyout firm paid roughly $1.6 billion, including debt, to take the entire company private in 2023, according to The Wall Street Journal.
KKR said it plans to continue growing CIRCOR’s remaining businesses through organic expansion and acquisitions. The firm described the CIRCOR Aerospace sale as its fourth exit from an industrials investment this year. “Today’s announcement marks an exciting chapter for CIRCOR and reflects the tremendous work and dedication of the entire CIRCOR Aerospace team,” CIRCOR CEO Saif Siddiqui said in a statement. “We look forward to watching the business continue to grow as part of Parker Hannifin.” Josh Weisenbeck, a partner at KKR who leads its industrials industry team within the firm’s North American private equity platform, said in a statement that CIRCOR Aerospace had built “a highly differentiated business with proprietary solutions and deep customer relationships across critical aerospace and defense programs.” The company said that once the deal is finalized, a dividend drawn from part of the sale proceeds will be paid out to every CIRCOR employee, as an acknowledgment of how well the industrial and naval operations have performed. CIRCOR launched a broad-based employee ownership program in early 2024, making all employees owners of the company.