Albany International Corp., Rochester, N.Y., has entered into a definitive agreement to acquire Germany-based Heimbach Group, a supplier of paper machine clothing. The all cash transaction is valued at approximately 153 million euros and includes the assumption of 21 million euros net debt.
The deal is expected to close in the second half of 2023. Heimbach’s machinery is used to make textile products for a variety of sectors as well as all grades of paper and cardboard. The company has approximately 1,200 employees in Europe and China, and its annual revenue in 2022 was approximately 161 million euros.