Albany International To Buy Harris' Aerostructures Unit In $210 Mln Deal

(RTTNews) - Albany International Corp. (AIN) has agreed to acquire communications equipment maker Harris Corp.'s (HRS) Aerostructures business for an enterprise value of $210 million, the two companies said Monday.

The deal value includes $187 million in cash at closing and the assumption of a $23 million capitalized lease. The transaction is expected to close by the end of the first calendar quarter or early second calendar quarter of 2016.

Harris Corp. said it will use proceeds from the transaction to pay down debt.

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.

Harris Aerostructures designs, manufactures and assembles advanced composite structures found throughout commercial and military aircraft.