Business Acquisitions

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Business Acquisitions

2. Business Acquisitions

On April 8, 2016, the Company completed the purchase of Harris Corporation’s composite aerostructures business for total consideration of $210 million, including the assumption of a capital lease. The purchase price is subject to a post-closing working capital adjustment. The acquired business, which is now called Albany Aerostructures Composites LLC (“AAC”), will be part of Albany Engineered Composites (“AEC”) segment. The acquisition of AAC significantly increases the growth opportunity for the Company.

Allocation of the respective purchase price to the fair value of net assets associated with the AAC acquisition will be performed upon completion of acquisition accounting valuation activities.