Albany International Completes Acquisition of Heimbach Group
August 31 2023 - 7:00AM
Business Wire
Albany International Corp. (NYSE:AIN) announced today it has
completed its acquisition of Heimbach Group (Heimbach).
Headquartered in Düren, Germany, Heimbach is a global supplier of
paper machine clothing for the production of all grades of paper
and cardboard on all machine types as well as high-tech textile
products used in a variety of sectors, such as the food processing,
chemicals, construction materials and automotive industries.
Daniel Halftermeyer, President of Machine Clothing, said, “We
are excited about the opportunities to create additional value for
our shareholders and customers through the increased scale,
complementary technologies and broader geographic footprint this
transaction provides. Together we will effectively combine the
strengths of each company to set a new standard in customer value
delivery as the industry’s partner-of-choice.”
Albany acquired Heimbach for €132 million in cash, and assumed
net debt of approximately €22 million. The transaction was funded
with cash held in Europe.
About Heimbach Group
Headquartered in Düren, Germany, Heimbach has been a trusted
paper machine clothing manufacturer for more than two centuries and
serves customers principally in European and Asian markets from its
9 production facilities located in the same regions. Heimbach
serves customers with comprehensive machine clothing products and
services across the spectrum of pulp and paper grades.
About Albany International Corp.
Albany International is a leading developer and manufacturer of
engineered components, using advanced materials processing and
automation capabilities, with two core businesses. Machine Clothing
is the world’s leading producer of fabrics and process belts used
in the manufacture of all grades of paper products. Albany
Engineered Composites is a growing designer and manufacturer of
advanced materials-based engineered components for jet engine and
airframe applications, supporting both commercial and military
platforms. Albany International is headquartered in Rochester, New
Hampshire, operates 32 plants in 14 countries, employs
approximately 5,400 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230831042449/en/
John Hobbs 603-330-5897 john.hobbs@albint.com
Albany (NYSE:AIN)
Historical Stock Chart
From Apr 2024 to May 2024
Albany (NYSE:AIN)
Historical Stock Chart
From May 2023 to May 2024