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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) May 8, 2008
ALBANY INTERNATIONAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 1-10026 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 8.01. Other Events.
Albany International Corp. (the "Company") issued a news release on May 4, 2008
announcing an agreement to sell its global Albany Filtration Technologies
("AFT") business and plans to reduce manufacturing capacity in Australia. The
sale of AFT will be to All Filtration Technologies Australia Pty Ltd. for $45
million, subject to contractual closing adjustments. The reduction of
manufacturing capacity in Australia includes the consolidation of press and
fiber cement operations and the shutdown of high-performance door manufacturing.
These actions are part of an ongoing, company-wide effort to streamline
operations in order to efficiently balance the Company's manufacturing capacity
with 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 May 4, 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
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Name: Michael C. Nahl
Title: Executive Vice President and
Chief Financial Officer
Date: May 4, 2008
EXHIBIT INDEX
Exhibit No. Description
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99.1 News Release dated May 4, 2008
Exhibit 99.1
ALBANY INTERNATIONAL ANNOUNCES SALE OF
FILTRATION BUSINESS
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Albany, New York, May 4, 2008 - Albany International Corp. (NYSE:AIN)
announced today that it had agreed to sell its global Albany Filtration
Technologies ("AFT") business to All Filtration Technologies Australia Pty Ltd.
for $45 million, subject to contractual closing adjustments. Under the terms of
the agreement, the buyer will acquire Albany's equity ownership of Albany
International Applied Technology (Suzhou) Co., Ltd., as well as the remaining
AFT business assets, most of which are located in Australia. AFT employees
currently employed by Albany International Pty Ltd. in Gosford, New South Wales,
Australia, as well as those employed in Suzhou, China, will be offered
employment with the new owner on substantially the same terms as they currently
enjoy. AFT employees at other locations (Brazil, Mexico and the United States)
are also expected to be offered positions with the new owner. The transaction is
expected to close in late May or early June.
AFT operations currently conducted at Albany's Gosford plant are expected
to continue in that location under the new owner for a period of up to three
years, after which the operation may relocate.
The Company also announced that it would consolidate its press and fiber
cement operations in Gosford, which will continue to operate as an Albany center
of technical excellence in needled felts for papermaking, fiber cement, and
other applications.
In addition, the Company announced that it will shut down its
high-performance door manufacturing operation in West Gosford. Sales and service
operations in Australia will not be affected.
These actions are part of an ongoing, company-wide effort to streamline
operations, and in no way reflect on the performance of the affected employees,
who will be offered severance and outplacement assistance.
Albany International is a global advanced textiles and materials
processing company with approximately 6,100 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.