:

Business/Financial

Albany International Completes Acquisition Of Harris’ Aerostructures Business

By Cal Biesecker

Friday, April 8th, 2016

SHARE:

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…

Congress

SASC’s FY ‘27 NDAA Sticks With Army’s Plan For Legacy Aviation Procurement Cuts

The Senate Armed Services Committee’s (SASC) version of the next defense policy sticks to the Army’s proposed plan to cut procurement of its legacy aviation fleet, and does not authorize […]

Congress

SASC Approves $1.14 Trillion FY ‘27 NDAA With ‘Right to Repair’ Reform, Stock Buyback Restriction

The Senate Armed Services Committee (SASC) has approved its $1.14 trillion version of the next defense policy bill, adopting “right to repair” reform to provide the military services’ greater ability […]

Congress

House Appropriators Unveil $1.07 Trillion FY ‘27 Defense Bill, Restore Funds For E-7, Army Aviation

House appropriators on Wednesday released their $1.07 trillion fiscal year 2027 defense spending bill, with the legislation reversing Army aviation cuts, restoring funding for the Air Force’s E-7 Wedgetail program […]

Congress

MOSA Implementation By Pentagon Lagging, GAO Official Says

While the Modular Open Systems Approach (MOSA) has been a requirement for major defense acquisition programs since January 2019 and other Defense Department acquisitions since January 2021, few programs are […]