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) August 2, 2007
ALBANY INTERNATIONAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 0-16214 14-0462060
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1373 Broadway, Albany, New York 12204
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (518) 445-2200
None
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(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))
Item 2.05. Costs Associated with Exit or Disposal Activities.
Albany International Corp. (the "Company") issued a news release on August 2,
2007 announcing plans to further reduce manufacturing capacity in North America.
As announced, the Company intends to discontinue operations at its press fabric
manufacturing facility in East Greenbush, New York, and to cease the manufacture
of dryer fabrics in Menands, New York. The plans are in response to the
continuing consolidation within the paper industry in the U.S. and Canada and
the need to balance the Company's PMC manufacturing capacity in North America
with anticipated paper mill demand.
Discussions with labor representatives at the affected operations are expected
to begin shortly. Until they are concluded, the Company is unable reasonably to
estimate the costs expected to be incurred in connection with these plans. The
Company will disclose the amount, type and timing of these costs promptly after
they are determined.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 News Release dated August 2, 2007.
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/ Michael C. Nahl
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Name: Michael C. Nahl
Title: Executive Vice President and
Chief Financial Officer
Date: August 2, 2007
EXHIBIT INDEX
Exhibit No. Description
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99.1 News Release dated August 2, 2007
Exhibit 99.1
Albany International Announces Planned Closure of
Manufacturing Capacity in the Americas
Albany, New York, August 2, 2007 - Albany International Corp. (NYSE:AIN)
announced today its intention to discontinue operations at its press fabric
manufacturing facility in East Greenbush, New York, and to cease the manufacture
of dryer fabrics at its headquarters in Albany, New York. The plant closings are
the result of the continuing consolidation of customers in the U.S. and Canada
and the need to balance the Company's paper machine clothing manufacturing
capacity in North America with anticipated paper mill demand. Similar steps have
been taken by the Company over the last few years in both Europe and North
America as the global paper and paperboard industry continues to shift capacity
from traditional paper markets to new emerging markets.
The closures, which will affect 225 salaried and hourly employees, will be
reviewed with the local bargaining units at each facility and will begin over
the next several weeks. This planned action is a business necessity, driven by
existing and expected market conditions, and in no way reflects on the
performance of the affected employees, who will be offered severance and
outplacement assistance.
The Company will continue to maintain its Corporate and Americas Business
Corridor headquarters, as well as selected manufacturing for non-paper markets,
at its Albany, New York location. Transition of press fabric and dryer fabric
manufacturing from the Albany area to other facilities in North America will
begin at once and will be supervised by technical and manufacturing personnel to
ensure continuity of customer supply. The transition is expected to be completed
by the end of January 2008.
Albany International is the world's largest producer of custom-designed
paper machine fabrics and process belts that are essential to the manufacture of
paper and paperboard. In its family of businesses, Albany applies its core
competencies in advanced textiles and materials to other industries. Additional
information about the Company and its businesses and products is available at
www.albint.com.