ROCHESTER, N.H. — August 31, 2023 — Albany International Corp. announced today it has completed its acquisition of Heimbach Group. 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.
Daniel Halftermeyer, president of Machine Clothing, 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 euros in cash, and assumed net debt of approximately 22 million euros. The transaction was funded with cash held in Europe.
Headquartered in Düren, Germany, Heimbach has been a trusted paper machine clothing manufacturer for more than two centuries and serves customers principally in European and Asian markets from its nine production facilities located in the same regions. Heimbach serves customers with comprehensive machine clothing products and services across the spectrum of pulp and paper grades.
Posted: August 31, 2023
Source: Albany International Corp.