Harris Corporation has sold its aerostructures business to Albany International
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that it has served as financial advisor to Harris Corporation (NYSE:HRS; “Harris” or the “Company”) in the sale of its Aerostructures business to Albany International Corp. (NYSE:AIN; “Albany”) for $210 million, including $187 million in cash at closing and the assumption of a $23 million capitalized lease.
Harris Aerostructures designs, manufactures and assembles advanced composite structures found throughout commercial and military aircraft, from wings and tanks to rotor blades and the airframes that form the shell of the aircraft. These composites combine high-strength fibers that deliver many of the same benefits of metal — strength, stiffness, stability and the ability to perform in extreme temperatures — with the added benefit of less weight and more corrosion resistance.
Lincoln acted as the financial advisor to Harris, working closely with the Company and Aerostructures’ management team throughout the sale process. This included providing mergers and acquisitions advisory expertise and managing the marketing, negotiation and due diligence phases of the transaction. Greg Taylor, Vice President of Corporate Strategy and Business Development of Harris, commented, “Lincoln’s fundamental understanding of our business, coupled with its process execution focus, global marketing effort and deep industry expertise were extremely valuable to our Company. Lincoln’s team remained highly engaged throughout the entire sale process, providing key strategic advice and assisting in achieving a successful outcome for all parties.”
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