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Monday, April 11, 2016

Harris Corporation Closes Sale of Aerostructures Business to Albany International

Veronica Magan

Employee working on aircraft wing tip
Employee working on aircraft wing tip. Photo: Exelis

[Avionics Today 04-11-2016] Harris Corporation has completed the previously announced sale of its Aerostructures business to Albany International for an enterprise value of $210 million, including $187 million in cash at closing and the assumption of a $23 million capitalized lease. Harris will use proceeds from the transaction 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.

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