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US' Albany International completes acquisition of Heimbach Group

04 Sep '23

1 min read

Pic: Albany International Corp

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Albany International has finalised its purchase of Heimbach Group for €132 million in cash, along with an assumed net debt of €22 million. Based in Duren, Germany, Heimbach supplies paper machine clothing and high-tech textiles to various industries. Daniel Halftermeyer highlighted the potential for increased value for shareholders and customers.

Albany International Corp has announced it has completed its acquisition of Heimbach Group (Heimbach). 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.

Daniel Halftermeyer, president of Machine Clothing, said, “We are excited about the opportunities to create additional value for our shareholders and customers through the increased scale, complementary technologies, and broader geographic footprint this transaction provides. Together we will effectively combine the strengths of each company to set a new standard in customer value delivery as the industry’s partner-of-choice.”

Albany acquired Heimbach for €132 million in cash and assumed net debt of approximately €22 million. The transaction was funded with cash held in Europe.

Fibre2Fashion News Desk (KD)

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