Albany International acquires composites business

Albany International Corp. (AEC) completes its acquisition of Harris Corporation’s composite aerostructures division, which was first announced on February 29, 2016.

 

Albany International President & CEO Joe Morone said that the transaction essentially doubles the growth potential of AEC this decade, making the new AEC a major player in aerospace composites industry.

 

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.

 

Albany International is a global advanced textiles and materials processing company, with two core businesses. Machine Clothing is the world’s leading producer of custom-designed fabrics and beltsi 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. It operates 22 plants in 10 countries and employs 4,400 people worldwde