ROCHESTER - Albany International Corp. has completed its acquisition of Heimbach Group, a move that will give it greater access to customers across Europe and Asia.
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.
Announcing the completion of the deal, Daniel Halftermeyer, president of Machine Clothing at Albany International, 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.
Heimbach has about 1,200 employees and nine production facilities across Germany, China, Spain, Switzerland, the United Kingdom, Belgium, and Italy. It recorded 2022 annual revenue of approximately €161 million.
For Albany, the deal brings additional production capacity to Asia, enhancing its ability to serve clients throughout the region.
