Dan's Biz Bookshelf: 'Move Your Bus'
Driving Innovation: Direct Imaging vs. Conventional Exposure
It’s Only Common Sense: Selling to Today's Generation of Buyers
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.
Share on:
Suggested Items
S&K Aerospace Awarded Major Contract Under DLA Maritime Acquisition Advancement Program
07/02/2025 | BUSINESS WIRES&K Aerospace, LLC has been awarded a significant contract under the Defense Logistics Agency’s (DLA) Maritime Acquisition Advancement Program, managed by the U.S. Naval Supply Command - Weapon Systems Support (NAVSUP WSS) in Mechanicsburg, PA.
Green Circuits to Exhibit Full-Service Electronics Manufacturing Solutions at 2025 SMD Symposium
07/02/2025 | Green CircuitsGreen Circuits, a full-service Electronics Manufacturing Services (EMS) partner to leading OEMs, is pleased to announce its participation in the 2025 SMD Symposium, taking place August 5-7 at the Von Braun Center in Huntsville, Alabama.
I-Connect007 Editor’s Choice: Five Must-Reads for the Week
06/27/2025 | Nolan Johnson, I-Connect007While news outside our industry keeps our attention occupied, the big news inside the industry is the rechristening of IPC as the Global Electronics Association. My must-reads begins with Marcy LaRont’s exclusive and informative interview with Dr. John Mitchell, president and CEO of the Global Electronics Association. For designers, have we finally reached the point in time where autorouters will fulfill their potential?
Knocking Down the Bone Pile: Tin Whisker Mitigation in Aerospace Applications, Part 3
06/25/2025 | Nash Bell -- Column: Knocking Down the Bone PileTin whiskers are slender, hair-like metallic growths that can develop on the surface of tin-plated electronic components. Typically measuring a few micrometers in diameter and growing several millimeters in length, they form through an electrochemical process influenced by environmental factors such as temperature variations, mechanical or compressive stress, and the aging of solder alloys.
RTX, the Singapore Economic Development Board Sign MOU Outlining 10-year Growth Roadmap
06/20/2025 | RTXRTX and the Singapore Economic Development Board (EDB) have signed a Memorandum of Understanding (MoU) which outlines a 10-year roadmap to further long-term strategic collaboration in Singapore.