Albany International completes acquisition of Harris' Aerostructures business
NewsApril 14, 2016
MELBOURNE, Fla. Albany International completed the acquisition of Harris Corp.'s Aerostructures business unit for an estimated value of $210 million, including $187 million in cash at closing, as well as a $23 million capitalized lease.
Harris had absorbed the Aerostructures business into the company's Electronic System unit when they acquired Exelis in May 2015. During 2015, the business had a revenue of $77 million operating in two facilities in Salt Lake City, Utah.
Harris officials say proceeds from the transaction will be used to pay down debt. Albany officials project the acquisition to bring between $80 to $90 million in 2016 projected sales, with Adjusted EBITDA between $13 to $15 million.
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Albany International
506 Billy Mitchell Road
Salt Lake City, UT 84116
Salt Lake City, UT 84116
