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| Employee working on aircraft wing tip. Photo: Exelis |
[Avionics Today 02-29-2016] Albany International will acquire Harris Corp.’s Aerostructures business for an enterprise value of $210 million, the two companies announced on Feb. 29. The value includes $187 million in cash at closing and the assumption of a $23 million capitalized lease. The transaction is still subject to customary closing conditions and regulatory review, but the companies expect the contract 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 of Harris. “Proceeds from the transaction will be used to pay down debt.”
Harris Aerostructures designs, manufactures and assembles advanced composite structures found throughout commercial and military aircraft. 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.