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) January 7, 2008
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
| Delaware
(State or other jurisdiction of incorporation) |
0-16214 (Commission File Number) |
14-0462060 (I.R.S. Employer Identification No.) |
1373 Broadway,
Albany, New York 12204
Registrant’s
telephone number, including area code (518) 445-2200
None
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 January 7, 2008 announcing plans to further reduce manufacturing capacity in North America. As announced, the Company intends to discontinue operations at its forming fabric manufacturing facility in Montgomery, Alabama. 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 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 January 7, 2008.
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
Name: Michael C. Nahl Title: Executive Vice President and Chief Financial Officer |
|
Date: January 8, 2008
EXHIBIT INDEX
| Exhibit No. | Description | ||
| 99.1 | News Release dated January 7, 2008 |
Exhibit 99.1
Albany International Announces Planned Closure of
Manufacturing Capacity in the Americas
Albany, New York, January 7, 2008 – Albany International Corp. (NYSE:AIN) announced today its intention to discontinue operations at its forming fabric manufacturing facility in Montgomery, Alabama. The plant closing is 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 closure, which will affect 90 salaried and hourly employees, will be reviewed with the local bargaining unit at the Montgomery 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.
Transition of forming fabric manufacturing from the Montgomery 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 August 31, 2008.
Albany International Corp. is a global advanced textiles and materials processing company with approximately 6,000 employees worldwide and plants strategically located to serve its global customers. The company’s core business is the world’s leading producer of custom-designed fabrics and belts essential to the production of paper and paperboard. Albany’s family of emerging businesses extends its advanced textiles and materials capabilities into a variety of other industries, most notably aerospace composites, nonwovens, building products, and high-performance industrial doors. Additional information about the Company and its businesses and products is available at www.albint.com.
Contacts:
Investors:
John Cozzolino, Vice President of Strategic Planning
518-445-2281
john.cozzolino@albint.com
Media:
Susan Siegel, Director of Corporate Communications
518-445-2284
susan.siegel@albint.com