Albany International completes acquisition of Heimbach Group
September 20, 2023
Albany International Corp. has completed its acquisition of Heimbach Group. Headquartered in Düren, Germany, Heimbach is a global supplier of paper machine clothing for the production of all grades of paper and cardboard on all machine types as well as high-tech textile products used in a variety of sectors, such as the food processing, chemicals, construction materials and automotive industries.
Albany acquired Heimbach for Euro 132 million in cash, and assumed net debt of approximately Euro 22 million. The transaction was funded with cash held in Europe.
Albany International is a leading developer and manufacturer of engineered components.