UNITED STATES
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 (Date of earliest event reported) February 20, 2015
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
| Delaware | 1-10026 | 14-0462060 |
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| 216 Airport Drive, Rochester, NH | 03867 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code (518) 445-2200
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c)) |
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Item 2.05 Costs Associated with Exit or Disposal Activities
On February 20, 2015, Albany International Corp. ("the Company") issued a news release related to the planned closure by its affiliate, Württembergische Filztuchfabrik D. Geschmay GmbH, of its Machine Clothing facility in Goppingen, Germany.
The plan is subject to local legal requirements and will be effected in accordance with all such requirements and in consultation with local employee works councils. Until consultations are concluded, the Company is unable to reasonably estimate the costs that it would expect to incur in connection with the proposed action. The Company will disclose the amount, type and timing of any such costs promptly after they are determined.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished herewith:
99.1 News release dated February 20, 2015.
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Signature
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 hereunto duly authorized.
| ALBANY INTERNATIONAL CORP. | |
| By: /s/ John B. Cozzolino | |
| Name: John B. Cozzolino | |
| Title: Chief Financial Officer and Treasurer | |
| (Principal Financial Officer) |
Date: February 23, 2015
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Index to Exhibits
| Exhibit No. | Description |
| 99.1 | News release dated February 20, 2015 |
Exhibit 99.1
|
NEWS RELEASE
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Albany International Announces Plans to Reduce Manufacturing Capacity and Personnel in Germany
Rochester, New Hampshire, February 20, 2015 – Albany International Corp. (NYSE:AIN) reported today that its German affiliate, Württembergische Filztuchfabrik D. Geschmay GmbH, has announced plans to discontinue manufacturing operations at its press fabric manufacturing facility in Göppingen, Germany. This planned action is driven by the continuing consolidation of paper industry customers in Europe, and the continuous need to match the Company’s paper machine clothing manufacturing capacity in Europe with the demands of our customers, so that customer sourcing is optimized. The Göppingen plan would be subject to applicable local law and would be implemented in accordance with such law and in consultation with the Works Council.
The proposed action in Germany in no way reflects on the performance of the 52 affected employees; it is a business necessity, driven by both the existing and anticipated market conditions.
Following completion of this planned action, the Company’s European press fabrics manufacturing activities will now be centered in Halmstad, Sweden. There will be no impact on the Company’s other European machine clothing manufacturing operations. The Company’s customers in Germany, and throughout Europe, will continue to receive world-class expertise and support in Product Application, Sales and Marketing, Service, and Research and Development from the same experienced Albany team.
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Albany International Corp.
216 Airport Dr.
Rochester, NH 03867 USA
www.albint.com
About Albany International Corp.
Albany International is a global advanced textiles and materials processing company, with two core businesses. Machine Clothing is the world’s leading producer of custom-designed fabrics and belts essential to production in the paper, nonwovens, and other process industries. Albany Engineered Composites is a rapidly growing supplier of highly engineered composite parts for the aerospace industry. Albany International is headquartered in Rochester, New Hampshire, operates 20 plants in 11 countries, employs 4,000 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.
Contacts:
| Investors | Media |
| John Cozzolino | Susan Siegel |
| 518-445-2281 | 603-330-5866 |
| john.cozzolino@albint.com | susan.siegel@albint.com |