Harris Corp. [HRS] on Monday said it is will sell its aerostructures business to Albany International [AIN] for $210 million in cash, part of its plan to focus on core business areas.
The $77 million aerostructures business was acquired in 2015 as part of Harris’ purchase of Exelis. Proceeds from the sale will be used to pay down debt.
“The sale of Aerostructures reflects our strategy to optimize our business portfolio,” William Brown, chairman, president and CEO of Harris, said in a statement.
The aerostructures business designs, manufactures and assembles composite structures used in commercial and military aircraft. Key customers include Lockheed Martin [LMT], and Boeing [BA], and to a lesser degree Airbus Group, and General Electric [GE].
Albany International is an advanced textiles and materials processing company focused on engineered composites for the aerospace industry and custom-designed fabrics and belts used in the production of paper, nonwovens, and other process industries.
The transaction is expected to close at the end of March or early April subject to regulatory approvals.