Albany International Completes Acquisition of Advanced Composites Business
April 08 2016 - 10:00AM
Business Wire
Albany International Corp. (NYSE:AIN) announced today that it
has completed the acquisition of Harris Corporation’s composite
aerostructures division, which was first announced on February 29,
2016.
Albany International President & CEO Joe Morone said, “All
of us are delighted that the transaction has now closed and excited
to welcome our newest members of the Albany family. As I said in
our earlier announcement, this transaction essentially doubles the
growth potential of AEC this decade. And because of the resulting
breadth and depth of technology, capabilities, and experience, the
new AEC becomes a major presence in the aerospace composites
industry, with the potential for significantly more growth next
decade.”
The acquisition is projected to be slightly accretive to Albany
earnings in 2016, with projected 2016 sales in the $80 million to
$90 million range and Adjusted EBITDA in the $13 million to $15
million range.
About Albany International Corp.Albany International is a
global advanced textiles and materials processing company, with two
core businesses. Machine Clothing is the world’s leading producer
of custom-designed fabrics and belts essential to production in the
paper, nonwovens, and other process industries. Albany Engineered
Composites is a rapidly growing supplier of highly engineered
composite parts for the aerospace industry. Albany International is
headquartered in Rochester, New Hampshire, operates 22 plants in 10
countries, employs 4,400 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.
This press release contains certain items, such as earnings
before interest, taxes, depreciation and amortization (EBITDA) and
Adjusted EBITDA that could be considered ‘non-GAAP’ financial
measures under SEC rules. We think such items provide useful
information to investors regarding the Company’s operational
performance. The Company calculates EBITDA by removing the
following from Net income: Interest expense net, Income tax
expense, Depreciation and amortization, and Income or loss from
Discontinued Operations. Adjusted EBITDA is calculated by: adding
to EBITDA costs associated with restructuring and pension
settlement charges; adding (or subtracting) revaluation losses (or
gains); subtracting (or adding) gains (or losses) from the sale of
buildings or investments; subtracting insurance recovery gains; and
subtracting Income attributable to the noncontrolling interest in
Albany Safran Composites (ASC). Expectations of EBITDA and Adjusted
EBITDA are made based on estimates of ranges of amounts in future
periods and cannot be reconciled to the nearest GAAP measure.
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,” “potential” 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 include, without
limitation, expectations in 2016 and in future periods of sales,
earnings, and Adjusted EBITDA related to the Company’s composites
acquisition and the Company as a whole. Furthermore, a change in
any one or more of the foregoing factors could have a material
effect on the Company’s financial results in any period. Such
statements are based on current expectations, and 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 and earlier releases set forth a number of assumptions
regarding these assessments, including historical results,
independent forecasts regarding the markets in which these
businesses 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: http://www.businesswire.com/news/home/20160408005496/en/
Albany International Corp.InvestorsJohn Cozzolino,
518-445-2281john.cozzolino@albint.comorMediaSusan Siegel,
603-330-5866susan.siegel@albint.com
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