Albany International Corp. (NYSE:AIN) entered into a definitive agreement to acquire Heimbach GmbH & Co. KG for an enterprise value of approximately ?153 million on June 14, 2023. Albany will fund the transaction using cash on hand. Heimbach has reported annual revenue of approximately ?161 million in 2022. The transaction has been unanimously approved by the Albany Board of Directors and Heimbach?s shareholders. The transaction is subject to customary closing conditions and regulatory approvals. The transaction is expected to close in the second half of 2023. Sebastian Klingen, Ingo Klauß, Oliver Rosenberg and Ann-Catherine Hofmann of Linklaters Oppenhoff & Rädler acted as legal advisors to shareholders of Heimbach.

Albany International Corp. (NYSE:AIN) completed the acquisition of Heimbach GmbH & Co. KG on August 31, 2023. The transaction consideration total approximately ?154 million which includes ?132 million will paid by cash and assumed net debt of approximately ?22 million. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Albany International Corp. (NYSE:AIN).