Albany International Enters Definitive Agreement to Acquire Heimbach Group for €153 Million
14 Junho 2023 - 9:00AM
Business Wire
Transaction Provides Increased Scale, Broader
Geographic Footprint, Complementary Technologies and Significant
Margin Expansion Opportunities
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.
Headquartered in Düren, 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 €161 million.
“The acquisition of Heimbach is an exciting opportunity to
create significant value for our shareholders as well as for our
customers as the partner of choice,” said Bill Higgins, President
and CEO of Albany. “With Heimbach, we gain increased scale and
complementary technology, while broadening our geographic footprint
to efficiently serve markets in Europe and Asia. This transaction
also provides an opportunity to leverage Albany’s expertise to
drive meaningful margin expansion in Heimbach’s operations and cash
flows that can be reinvested in high-growth areas of the Company.
We look forward to working with the Heimbach team and welcoming
them to Albany.”
Marco Esper, CEO of Heimbach Group, said, “In Albany
International, we found a like-minded partner who shares our
commitment to best-in-class customer service and advancing modern
paper production. Together, we will leverage our collective product
and technology portfolios to become an even better provider to our
customers. I am incredibly proud of everything that Heimbach and
our team have accomplished and look forward to working closely with
Albany’s leadership to reach even greater success.”
“Heimbach is a solid addition to our company,” said Daniel
Halftermeyer, President of Albany’s Machine Clothing business.
“Their operations are an excellent complement to Albany’s existing
network of forward-deployed manufacturing assets. Together, we look
forward to providing our customers with even more value in terms of
logistics, delivery capability, advice and service quality.”
Strategic and Financial Benefits
- 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.
- Provides Complementary Technology: In addition to its
broad offerings in paper machine clothing, Heimbach brings
technologies that support Albany’s differentiation and ability to
provide customers with optimized, application-specific
solutions.
- Leverages Albany’s Industry-Leading Operating Expertise to
Drive Margin Expansion: Albany has identified numerous supply
chain, logistics, insourcing and other operational opportunities
that it expects will provide significant margin expansion in
Heimbach’s operations.
- Provides Attractive Financial Returns: The acquisition
is expected to be accretive to Albany’s earnings per share and cash
flow beginning in year two.
Albany has published a slide presentation in connection with
today’s announcement which can be found on the Company’s investor
relations website at investors.albint.com.
About Albany International Corp.
Albany International is a leading developer and manufacturer of
engineered components, using advanced materials processing and
automation capabilities, with two core businesses. Machine Clothing
is the world’s leading producer of custom-designed, consumable
belts essential for the manufacture of all grades of paper
products. Albany Engineered Composites is a growing designer and
manufacturer of advanced materials-based engineered components for
demanding aerospace applications, supporting both commercial and
military platforms. Albany International is headquartered in
Rochester, New Hampshire, operates 23 facilities in 11 countries,
employs more than 4,200 people worldwide, and is listed on the New
York Stock Exchange (Symbol AIN). Additional information about the
Company and its products and services can be found at
www.albint.com.
About Heimbach
The Heimbach Group, founded in 1811, with its Paper Machine
Clothing and Technical Textiles divisions, is a leading supplier of
innovative industrial consumer goods and services for paper
production and other selected industries. The core competence lies
in the development, production and sales of forming fabrics, press
felts and dryer fabrics for paper machines as well as technical
textiles - worldwide. Heimbach manufactures at 9 locations with
1,200 employees and generates a turnover of a good 160 million
euros. The technically sophisticated products are accompanied by
comprehensive customer service, service and advice on site.
Cautionary Statement
This press release may contain statements, estimates, or
projections that constitute “forward-looking statements” as defined
under U.S. federal securities laws. Generally, the words “believe,”
“expect,” “intend,” “estimate,” “anticipate,” “project,” “will,”
“should,” “look for,” “could” and similar expressions identify
forward-looking statements, which generally are not historical in
nature. Forward-looking statements are subject to certain risks and
uncertainties (including, without limitation, those set forth in
the Company’s most recent Annual Report on Form 10-K or Quarterly
Report on Form 10-Q) that could cause actual results to differ
materially from the Company’s historical experience and our present
expectations or projections.
Forward-looking statements in this release are based on current
expectations. A change in any one or more of these expectations
could have a material effect on the Company’s financial results in
any period. The Company undertakes no obligation to publicly update
or revise any forward-looking statements.
Statements expressing management’s assessments of the growth
potential of its businesses, or referring to earlier assessments of
such potential, are not intended as forecasts of actual future
growth, and should not be relied on as such. While management
believes such assessments to have a reasonable basis, such
assessments are, by their nature, inherently uncertain. This
release or earlier releases set forth a number of assumptions
regarding these assessments, including historical results,
independent forecasts regarding the markets in which we operate,
and the timing and magnitude of orders for our customers’ products.
Historical growth rates are no guarantee of future growth, and such
independent forecasts and assumptions could prove materially
incorrect, in some cases.
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version on businesswire.com: https://www.businesswire.com/news/home/20230614296348/en/
John Hobbs 603-330-5897 john.hobbs@albint.com
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