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Albany completes acquisition of Harris Aerostructures

News International-French

21 Apr 2016

The company announces that it has completed the acquisition of Harris Corporation’s composite aerostructures division.

Albany International President & CEO Joe Morone said, “All of us are delighted that the transaction has now closed and excited to welcome our newest members of the Albany family. As I said in our earlier announcement, this transaction essentially doubles the growth potential of AEC this decade. And because of the resulting breadth and depth of technology, capabilities, and experience, the new AEC becomes a major presence in the aerospace composites industry, with the potential for significantly more growth next decade.”

The acquisition is projected to be slightly accretive to Albany earnings in 2016, with projected 2016 sales in the $80 million to $90 million range and Adjusted EBITDA in the $13 million to $15 million range.

About Albany International Corp:
Albany International is a global advanced textiles and materials processing company, with two core businesses. Machine Clothing is a producer of custom-designed fabrics and belts essential to production in the paper, nonwovens, and other process industries. Albany Engineered Composites is a rapidly growing supplier of highly engineered composite parts for the aerospace industry. Albany International is headquartered in Rochester, New Hampshire, operates 22 plants in 10 countries, employs 4,400 people worldwide.

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