Albany International to acquire privately held Heimbach for EUR 153M cash

Albany International announced it has entered into a definitive agreement to acquire privately held Heimbach Group a supplier of paper machine clothing, in an all cash transaction valued at approximately EUR 153M, including the assumption of EUR 21M 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. Headquartered in Duren, 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. 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 EUR 161M. Enhances Albany’s Scale and Geographic Footprint: Heimbach’s strength in central European markets is an excellent fit with Albany’s northern European presence. Heimbach also brings additional production capacity in Asia, enhancing Albany’s ability to serve clients throughout the region.