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Austria's Andritz buys U.S. firm Xerium for $833 million

Staff Writer |
Austrian engineering group Andritz has agreed to buy Xerium Technologies, a supplier of paper industry products, in a $833 million cash deal.

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The move will enable Andritz, which produces machinery for hydro power, metal pressing and pulp and paper production, to strengthen its position in the paper industry, which Xerium supplies with parts and services.

“The acquisition fits squarely with our long-term strategy to execute complementary acquisitions and to grow our aftermarket business with its stable source of revenue and earnings,” said Andritz’s Chief Executive Wolfgang Leitner.

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