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: August 17, 2000 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 Event
- ------- -----------
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: August 17, 2000
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 EXECUTIVE CHANGES
Albany, New York, August 16, 2000 --- Francis L. McKone, Chairman and
Chief Executive Officer of Albany International Corp. (NYSE/PSE:AIN) today
informed Albany's Board of Directors of his decision to retire at the time of
the Company's annual meeting of stockholders in May 2001. To facilitate the
top management transition, Mr. McKone recommended to the Board that
Frank R. Schmeler, President and Chief Operating Officer of the Company,be
appointed Chief Executive Officer, effective October 1, 2000. At a meeting
today, the Board elected Mr. Schmeler President and Chief Executive Officer
effective on that date. Mr. McKone will remain as Chairman of the Board until
his retirement in May 2001.
Commenting on the Board's action, Mr. McKone said that he had
previously given the Company's directors an indication of his intentions and of
his full confidence in Mr. Schmeler's ability to assume the role of Chief
Executive Officer. Mr. McKone noted that he has worked closely with
Mr. Schmeler over a very extended period and that Mr. Schmeler has been closely
involved in all of the major developments affecting the Company in recent years.
"Frank Schmeler is a talented and experienced executive with a broad
knowledge of Albany International and of the paper and paper machine clothing
industries," Mr. McKone
(more)
- 2 -
stated. "I know that he is deeply devoted to the interests of Albany
International's employees and shareholders, and I am confident that he will
provide strong leadership to the Company."
Mr. Schmeler expressed his gratitude to Mr. McKone and the Board of
Directors for their confidence. He praised the valuable contributions that
Mr. McKone has made in the course of his 36-year career with the Company, and
especially since he assumed the role of President in 1984. "During an
extremely difficult period in the paper machine clothing industry, Frank McKone
has guided the Company wisely and well, maintaining and enhancing its position
as the world's preeminent manufacturer of paper machine clothing," he said. "I
am personally grateful that I have had the opportunity to work together with
Frank for so many years and our close relationship should make the management
transition a smooth one."
Francis L. McKone joined Albany International in 1964, was appointed
Vice President and General Manager of Canadian operations in 1972, and assumed
responsibility for worldwide manufacturing operations in 1981. He became a
Director and President in 1984, Chief Executive Officer in 1993, and Chairman
of the Board in 1998. He is 66 years old.
Frank R. Schmeler also joined the Company in 1964. He was appointed a
Vice President in 1979 when he became General Manager of Albany International
Canada. In 1984 he was appointed Vice President and General Manager for U.S.
Press Fabrics. He was elected a Director, Executive Vice President and Chief
Operating Officer in 1997, and President in 1998. He is 61 years old.
Albany International is the world's largest producer of paper machine
clothing and high performance doors with manufacturing plants in 15 countries
and sales worldwide. Additional information about the Company's businesses and
products is available at www.albint.com.
# # #