Textiles and materials processing company Albany International (NYSE: AIN) has agreed to purchase the aerostructures business of Harris Corp. (NYSE:HRS) for $210 million, which includes a $187 million cash portion and a $23 million lease.
Harris said Monday both companies expect to close the acquisition sometime between March and the early part of the 2016 calendar year second quarter and the deal is subject to regulatory review and other customary closing conditions.
Melbourne, Fla.-based communications technology maker Harris acquired the aerostructures business through its May 2015 purchase of Exelis for $4.75 billion.
The aerostructures business recorded $77 million in revenue during 2015 and maintains two facilities in Salt Lake City that design, manufacture and assemble composite structures to form the shells of commercial and military aircraft.
Harris will use the transaction’s proceeds to pay down debt as part of a larger effort to reshape its business portfolio.
Rochester, N.H.-headquartered Albany operates 19 plants in 10 countries and produces fabrics and belts used in the paper, nonwovens, and other process industries.