SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: June 1, 1999 Commission file number: 0-16214
ALBANY INTERNATIONAL CORP.
--------------------------
(Exact name of registrant as specified in its charter)
Delaware 14-0462060
-------- ----------
(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
1373 Broadway, Albany, New York 12204
------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 518-445-2200
Item 5. Other Events
- ------- ------------
Albany International Corp. is filing herewith a press release as Exhibit 99.1
which is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
- ------- ---------------------------------
Exhibit No. Description
- ----------- -----------
99.1 Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ALBANY INTERNATIONAL CORP.
--------------------------
(Registrant)
Date: June 1, 1999
By /s/ Michael C. Nahl
----------------------
Michael C. Nahl
Sr. Vice President and
Chief Financial Officer
Exhibit 99.1
Press Release
For additional information contact:
Kenneth C. Pulver
Vice President, Corporate Communications
(518) 445-2214
FOR IMMEDIATE RELEASE
ALBANY INTERNATIONAL ANNOUNCES MAJOR ACQUISITION
Albany, New York, May 26, 1999 - Albany International Corp.
(NYSE/PSE:AIN) announced today that it has agreed to purchase shares of the
paper machine clothing businesses of the Geschmay group for approximately $232
million in cash. The corporations to be acquired had aggregate 1998 sales of
approximately $160 million and are part of a group of family-owned companies.
Geschmay's principal operations are located in Europe and the United States.
Geschmay is recognized as a skillfully managed and experienced manufacturer of
innovative and quality products. The transaction is subject to necessary
regulatory filings and clearances.
Francis L. McKone, Chairman of the Board and Chief Executive Officer of
Albany International, stated, "The Geschmay name has been associated with high
quality and technical excellence for many decades, and Albany is very pleased to
be able to combine Geschmay's paper machine clothing capabilities with our own.
The greater geographical scope and combined production, research, and product
applications experience resulting from the transaction will permit us to better
serve our combined customers around the world."
Speaking for the Geschmay group, Helmut Mainz, Chairman, said, "The
clear trend toward consolidation in the paper industry has created a need for
consolidation among paper industry suppliers as well. We are pleased that the
Geschmay tradition of excellence can be carried forward through a combination
with the world's leading paper machine clothing supplier."
# # #