Albany International Corp. in $130 Million Sale of Albany Door Systems Division

Cleary Gottlieb is representing Albany International Corp. in the sale of its global Albany Door Systems division to ASSA ABLOY AB for cash consideration of $130 million. The transaction will be effected by the sale of stock in subsidiaries in eleven countries and assets located in seven more. The sale, which is subject to regulatory approvals, was announced on October 28 and is expected to close in the first quarter of 2012.

ADS manufactures, sells and services high-speed industrial entrance automation products and employs approximately 700 employees.

Albany International Corp. is a global advanced textiles and materials processing company with approximately 5,000 employees worldwide. The company’s core business is the production of custom-designed fabrics and belts essential to the production of paper and paperboard.