ROCHESTER, N.H.--(BUSINESS WIRE)--May. 20, 2013--
Albany International Corp. (NYSE:AIN) announced today that its
subsidiary, Albany International France S.A.S., has completed
consultations with employee works councils regarding a proposal to
restructure operations at the Company’s Machine Clothing production
facilities in Sélestat and St. Junien. The proposed restructuring,
initially announced in November 2012, is expected to reduce employment
by approximately 200 positions at these locations. The Company expects
most of the workforce reduction to occur during the third quarter of the
2013.
The Company currently expects to record a restructuring charge of
$29-$31 million in the second quarter of 2013, representing estimated
future cash expenditures for severance and social costs for affected
employees. This estimate does not include anticipated cash and non-cash
charges associated with the write-off or write-down of manufacturing
equipment, outplacement and similar programs, and pension curtailment,
which cannot presently be estimated. The Company will provide additional
information about these costs as data becomes available and will record
them as restructuring charges in the period in which they are incurred.
The Company expects that the restructuring actions will lead to a
reduction in annual operating expenses of approximately $10 million. The
Company currently expects to start realizing a portion of these savings
beginning in the fourth quarter of 2013, with the full effect to be
realized by the fourth quarter of 2014.
This release may contain statements, estimates, or projections that
constitute “forward-looking statements” as defined under U.S. federal
securities laws. Generally, the words “believe,” “expect,” “intend,”
“estimate,” “anticipate,” “project,” “will,” “would,” “should” and
similar expressions identify forward-looking statements, which generally
are not historical in nature. Forward-looking statements are subject to
certain risks and uncertainties (including, without limitation, those
set forth in the Company's most recent Annual Report on Form 10-K or
Quarterly Report on Form 10-Q) that could cause actual results to differ
materially from the Company's historical experience and our present
expectations or projections. Forward-looking statements in this release
include, without limitation, statements about the likelihood, amount,
and timing of severance costs, other cash and non-cash charges, and cost
savings related to the announced restructuring. Such statements are
based on current expectations, and the Company undertakes no obligation
to publicly update or revise any forward-looking statements.
About Albany International
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 18
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.
Source: Albany International Corp.
Albany International Corp.
Investors
John
Cozzolino, 518-445-2281
john.cozzolino@albint.com
or
Media
Susan
Siegel, 603-330-5866
susan.siegel@albint.com
or
Kekst
and Company for Albany International
Michael Herley, 212-521-4897
michael-herley@kekst.com