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Harris Completes Sale of its Aerostructures Business to Albany International
April 11, 2016 | Harris CorporationEstimated reading time: Less than a minute
Harris Corporation today completed the previously announced sale of its Aerostructures business to Albany International Corp. for an enterprise value of $210 million, including $187 million in cash at closing and the assumption of a $23 million capitalized lease. Proceeds from the transaction will be used to pay down debt.
The Aerostructures business was 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 operated in two facilities in Salt Lake City, Utah.
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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