Harris Completes Sale of its Aerostructures Business to Albany International

April 08, 2016

Harris Corporation (NYSE:HRS) today completed the previously announced sale of its Aerostructures business to Albany International Corp. (NYSE:AIN) for an enterprise value of $210 million, including $187 million in cash at closing and the assumption of a $23 million capitalized lease. Proceeds from the transaction will be used to pay down debt.

The Aerostructures business was 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 operated in two facilities in Salt Lake City, Utah.

Source : Harris Corporation (NYSE: HRS)