Albany International to Acquire Heimbach Group

June 16, 2023

Cleary Gottlieb is representing longstanding client Albany International Corp. (Albany) in its announced acquisition of German headquartered Heimbach Group.

Albany announced yesterday it has entered into an agreement to acquire Heimbach Group, a privately held manufacturer of paper machine clothing in an all cash transaction valued at approximately €153 million, including the assumption of €21 million net debt. The transaction is expected to close in the second half of 2023, subject to regulatory approvals and other customary closing conditions.

Heimbach Group 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. The company has approximately 1,200 employees and nine production facilities across Germany, China, Spain, Switzerland, the United Kingdom, Belgium, and Italy.

Albany is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is a producer of custom-designed, consumable fabrics, and process belts essential for the manufacture of all grades of paper products. Albany Engineered Composites is a designer and manufacturer of advanced materials-based engineered components for jet engine and airframe applications, supporting both commercial and military platforms. Albany International is headquartered in Rochester, New Hampshire; operates 23 plants in 11 countries; and employs 4,000 people worldwide.