Albany International Closes $210M Purchase of Harris Aerostructures Business

AirplaneRochester, New Hampshire-based specialty materials processing company Albany International (NYSE: AIN) has wrapped up its acquisition of Harris Corp.‘s (NYSE: HRS) aerostructures business for approximately $210 million in cash and capital lease.

Harris said Friday it will use proceeds from the deal originally announced in late February to pay down corporate debt.

The business generated about $77 million in revenues during 2015 and was part of Melbourne, Florida-based communications technology manufacturer Harris’ electronic systems segment.

Harris inherited the aerostructures unit through its $4.75 billion acquisition of Exelis that closed in May 2015.

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