Harris Corporation (NYSE: HRS) has sold its Aerostructures business to Albany International Corp. (NYSE: AIN) for an enterprise value of USD210 million, including USD187 million in cash at closing and the assumption of a USD23 million capitalized lease, the company said.
Proceeds from the transaction will be used to pay down debt.
The Aerostructures business was included in the company´s Electronic Systems segment and was acquired as part of Harris´ acquisition of Exelis in May 2015. The business had calendar 2015 revenue of USD77 million and operated in two facilities in Salt Lake City, Utah.
Harris provides technology solutions to customers in more than 125 countries. It has approximately USD8 billion in annual revenue and 22,000 employees worldwide.