Home / News / Albany buys Harris’ advanced composites division

Albany buys Harris' advanced composites division

14 Apr '16

1 min read

Albany International, a US based advanced textiles and materials processing company, has completed the acquisition of the composite aero-structures division at Harris Corporation, a leading composite products supplier to the defense and communications industry, according to a press statement released by the company.

The acquisition was completed at a cost of $210 million including the assumption of a $23 million capital lease, and is expected to affect the financial results of the company slightly in 2016 – sales likely to be in the range of $80-90 million and adjusted EBITDA to be in the range of $13-15 million.

Commenting on the acquisition, Joe Morone, CEO and president of Albany International said, “All of us are delighted that the transaction has now closed and excited to welcome our newest members of the Albany family.”

“This transaction essentially doubles the growth potential of Albany Engineered Composites (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 potential for significantly more growth next decade,” he added. (MCJ)

Fibre2Fashion News Desk

More Albany International News...