Albany International Announces Harris' Composite Aerostructures Unit Acquisition Completion

Albany International Corp. AIN said in a statement it has completed the purchase of aerostructures unit of Harris Corporation. According to the company, the acquisition was first disclosed on February 29.

Albany's President and CEO Joe Morone said, "All of us are delighted that the transaction has now closed and excited to welcome our newest members of the Albany family. As I said in our earlier announcement, this transaction essentially doubles the growth potential of AEC this decade.' He added, "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 company disclosed the acquisition was predicted to be slightly accretive to its earnings with projected sales between $80 million and $90 million in the current calendar year. The company expects its adjusted EBITDA in the $13 - $15 million range.

On Friday, the stock traded higher by 1.6 percent.