Albany International to acquire Heimbach Group for €153 million

ALBANY INTERNATIONAL CORP /DE/

Purchase price of €153M includes €21M net debt; funded with cash on hand outside the U.S.
Heimbach 2022 revenue ~€161M; 1,200 employees at nine production sites in Europe and Asia.
Deal expected to close in H2 2023, subject to regulatory approvals and customary conditions.
Transaction expected to be accretive to EPS and cash flow beginning in year two.
Albany gains increased scale, broader geographic footprint, and complementary paper machine clothing technology.

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