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Harris Signs Definitive Agreement to Sell Aerostructures Business
February 29, 2016 | Business WireEstimated reading time: 1 minute
Harris Corporation and Albany International Corp. today announced a definitive agreement under which Albany International will acquire Harris’ Aerostructures business for an enterprise value of $210 million, including $187 million in cash at closing and the assumption of a $23 million capitalized lease. The transaction is subject to customary closing conditions and regulatory review, and is expected to close by the end of the first calendar quarter or early second calendar quarter of 2016.
“The sale of Aerostructures reflects our strategy to optimize our business portfolio,” said William M. Brown, chairman, president and chief executive officer. “Proceeds from the transaction will be used to pay down debt.”
The Aerostructures business is included in the company’s Electronic Systems segment and was acquired as part of Harris’ acquisition of Exelis in May 2015. The business had calendar 2015 revenue of $77 million and operates in two facilities in Salt Lake City, Utah.
Harris Aerostructures designs, manufactures and assembles advanced composite structures found throughout commercial and military aircraft - from wings and tanks to rotor blades and the airframes that form the shell of the aircraft. These composites combine high-strength fibers that deliver many of the same benefits of metal - strength, stiffness, stability and the ability to perform in extreme temperatures - with the added benefit of less weight and more corrosion resistance.
About Albany International
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 belts essential to production in the paper, nonwovens, and other process industries. Albany International 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 19 plants in 10 countries, employs 3,900 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the company and its products and services can be found at www.albint.com.
About Harris Corporation
Harris Corporation is a leading technology innovator, solving our customers’ toughest mission-critical challenges by providing solutions that connect, inform and protect. Harris supports customers in more than 125 countries, has approximately $8 billion in annual revenue and 22,000 employees worldwide. The company is organized into four business segments: Communication Systems, Space and Intelligence Systems, Electronic Systems, and Critical Networks.
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