Albany International has completed the acquisition of Harris Corporation’s composite aerostructures division, which was first announced on 29 February 2016.

The division is a leading supplier of advanced composite products primarily for airframe applications. It has significant positions on three major growth platforms: Lockheed’s Joint Strike Fighter (JSF), Boeing’s 787, and Sikorsky’s CH-53K.

It also supplies the vacuum waste tanks for most of Boeing’s 7-Series aircraft, and components of the airframe of a Lockheed Martin family of air-to-surface missiles; and it has small positions on the airframes of the Airbus A350 and 380, and on GEnx engines.

Significant potential

“All of us are delighted that the transaction has now closed and excited to welcome our newest members of the Albany family,” commented Joe Morone, Albany International President & CEO.

“As I said in our earlier announcement, this transaction essentially doubles the growth potential of 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 the potential for significantly more growth next decade.”

Albany International

Albany International is an advanced textiles and materials processing company, with two core businesses. Machine Clothing is the leading producer of custom-designed fabrics and belts 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.

Albany International is headquartered in Rochester, New Hampshire, operates 22 plants in 10 countries and employs 4,400 people worldwide.

The acquisition is projected to be slightly accretive to Albany earnings in 2016, with projected 2016 sales in the range between US 80 million and US 90 million range and Adjusted EBITDA in the US 13 million to US 15 million range.

www.albint.com