Harris has signed a definitive agreement for the sale of its aerostructures business to Albany International for $210 million, Harris announced on 29 February.
The $210 million value includes $187 million in cash at closing and the assumption of a $23 million capitalised lease. The transaction, which is subject to customary closing conditions and regulatory review, is expected to close by first quarter or early second quarter of 2016.
Harris’ aerostructures business forms a part of its electronic systems segment. The company acquired the aerostructures business as part of its acquisition of Exelis in May 2015. The business, which operates in two facilities in Salt Lake City, Utah, designs, manufactures and assembles advanced composite structures such as rotor blades, wings, tanks and airframes for military and commercial aircraft.
William Brown, chairman, president and chief executive officer, Harris, said: ‘The sale of aerostructures reflects our strategy to optimise our business portfolio. Proceeds from the transaction will be used to pay down debt.’
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