Aerospace composites manufacturer Albany International Corp. (Rochester, NH, US) has completed the acquisition of Harris Corp.’s composite aerostructures division in Salt Lake City, UT, which was first announced on Feb. 29, 2016.
"All of us are delighted that the transaction has now closed and excited to welcome our newest members of the Albany family,” said Albany International President & CEO Joe Morone. “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.”
The acquisition is projected to be slightly accretive to Albany earnings in 2016, with projected 2016 sales in the $80 million to $90 million range and adjusted EBITDA in the $13 million to $15 million range.