Albany International on June 14 announced it 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 EUR 153 million, including the assumption of EUR 21 million net debt.
The transaction has been unanimously approved by the Albany Board of Directors and Heimbach’s shareholders, and 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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