Albany International Corp. has entered into a definitive agreement to acquire privately held Heimbach Group, a leading supplier of paper machine clothing, in an all cash transaction valued at approximately Euro 153 million, including the assumption of Euro 21 million net debt. The transaction has been unanimously approved by the Albany Board of Directors and Heimbach’s shareholders. It is expected to close in the second half of 2023, subject to customary closing conditions and regulatory approvals. Albany will fund the transaction with cash held outside the United States.
“The acquisition of Heimbach is an exciting opportunity to create significant value for our shareholders as well as for our customers as the partner of choice,” said Bill Higgins, President and CEO of Albany. “With Heimbach, we gain increased scale and complementary technology, while broadening our geographic footprint to efficiently serve markets in Europe and Asia. This transaction also provides an opportunity to leverage Albany’s expertise to drive meaningful margin expansion in Heimbach’s operations and cash flows that can be reinvested in high-growth areas of the Company. We look forward to working with the Heimbach team and welcoming them to Albany.”
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. The Company has approximately 1,200 employees and nine production facilities across Germany, China, Spain, Switzerland, the United Kingdom, Belgium and Italy. Heimbach had 2022 annual revenue of approximately Euro 161 million.
Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses.
