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Business/Financial

Albany International Completes Acquisition Of Harris’ Aerostructures Business

By Cal Biesecker

Friday, April 8th, 2016

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Albany International Completes Acquisition Of Harris’ Aerostructures Business

Albany International's legacy composites business makes LEAP fan blades for SNECMA. Photo: Albany International

Albany International Corp. [AIN] on Friday said it has completed its $210 million acquisition of Harris Corp.’s [HRS] Aerostructures business in a deal that complements its existing aerospace composites business.Harris acquired the Aerostructures business as part of its acquisition in 2015 of Exelis. Deal terms included $187 million in cash and assumption by Harris of a $23 million capitalized lease. The company will use the sale proceeds to pay down debt.Joe Morone, president and CEO of Albany International, said in…

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