This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Albany International Announces Sale Of Albany Door Systems Business

Albany International Corp. (NYSE:AIN) announced today that it had agreed to sell its global Albany Door Systems ("ADS") business to ASSA ABLOY AB (the “Buyer”) for $130 million, subject to customary post-closing adjustments.

Under the terms of the agreement, the Buyer will acquire Albany's equity ownership of Albany Doors Systems GmbH in Germany, Albany Door Systems AB in Sweden, and other ADS affiliates in Germany, France, the Netherlands, Turkey, Poland, Belgium, New Zealand, and other countries, as well as the remaining ADS business assets, most of which are located in the United States, Australia, China, and Italy. The Company’s Board of Directors unanimously approved the terms of the agreement.

The transaction is subject to customary closing conditions including antitrust approvals, and is expected to close during the first quarter of 2012.

The Company intends to use the net proceeds from the transaction to strengthen the balance sheet and will have more detail about its approach to doing so after the transaction closes, most likely in its Q1 earnings release.

President and CEO Joseph G. Morone commented, “This transaction is good for our company and shareholders, as it enables us to dramatically strengthen our balance sheet. And for our many friends and colleagues at Albany Door Systems, they are moving to a company that has established itself as a leading global supplier in the industry, with a fully developed distribution and aftermarket network to supply future growth.”

J.P. Morgan is acting as financial advisor to Albany International Corp. on this transaction.

Albany International is a global advanced textiles and materials processing company with approximately 5,000 employees worldwide and plants strategically located to serve its global customers. The company's core business is the world's leading producer of custom-designed fabrics and belts essential to the production of paper and paperboard. Albany's family of growth businesses extends its advanced textiles and materials capabilities into a variety of other industries, most notably aerospace composites, nonwovens, building products, high-performance doors, and high-performance insulation and yarn. Additional information about the Company and its businesses and products is available at www.albint.com.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs