Albany International Enters Definitive Agreement to Acquire Heimbach Group for €153 Million

Jun 14, 2023

Albany International Corp. (“Albany” or the “Company”) (NYSE: AIN) announced today it has entered into a definitive agreement to acquire privately held Heimbach Group (“Heimbach”), a leading supplier of paper machine clothing, in an all cash transaction valued at approximately €153 million, including the assumption of €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.

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