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) November 21, 2012
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
| Delaware | 1-10026 | 14-0462060 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| 216 Airport Drive, Rochester, NH | 03867 |
| (Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code (518) 445-2200
(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)) |
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Item 2.05 Costs Associated with Exit or Disposal Activities
On November 21, 2012, Albany International Corp. ("the Company") issued a news release related to a proposal to consolidate manufacturing operations in France.
The proposal is subject to local legal requirements and consultation with local employee works councils. Until consultations are concluded, the Company is unable to reasonably estimate the costs that it would expect to incur in connection with the proposed action. The Company will disclose the amount, type and timing of any such costs promptly after they are determined.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished herewith:
99.1 News release dated November 21, 2012.
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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/ John B. Cozzolino
Name: John B. Cozzolino
Title: Chief Financial Officer and Treasurer
Date: November 26, 2012
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Index to Exhibits
| Exhibit No. | Description |
| 99.1 | News release dated November 21, 2012 |
Exhibit 99.1
| NEWS RELEASE |  |
Albany International Announces Proposed Actions to Restructure Machine Clothing Operations in Europe
Rochester, New Hampshire, November 21, 2012 – Albany International Corp. (NYSE:AIN) announced today that its subsidiary, Albany International France S.A.S., has initiated discussions with the employee Works Council regarding a proposal to restructure operations at the Company’s Machine Clothing production facilities in Sélestat and St. Junien. The proposed restructuring would reduce employment by approximately 200 positions at these locations.
The proposal is driven by the previously reported continuing deterioration of Machine Clothing market conditions in Europe. The proposal aims to maintain operations in each location, but restructured in a manner that will improve competitiveness, increase efficiency, and promote the viability of these locations in the long term.
An earlier proposal to close the facility in St. Junien, and relocate production to Sélestat, made in February of this year, was later withdrawn. Since that time, the Company’s employees and management have conducted a number of meetings, exchanged information, and explored a number of ideas focused on addressing the current challenges facing Machine Clothing operations in France as market conditions in Europe continue to decline.
President and CEO Joseph Morone said, “As we reported in our third-quarter earnings release, market conditions in the Machine Clothing segment in Europe have continued to deteriorate. Our machine clothing sales last quarter were down 16 percent compared to last year, which is consistent with the overall European industry. Given structural conditions in Europe, we anticipate further deterioration in 2013.
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“During the past several years, we have undertaken a significant and deliberate process of aligning our global capacity to the long-term structure of the machine clothing industry. This restructuring process led to the closing of 12 plants across the globe, including eight in North America and three in Europe, and significant downsizing at two other European plants, along with investment in new capacity in Asia and South America. The proposed actions in France represent the last step in this global restructuring process.”
Consultations with the Works Council will be completed in accordance with applicable French legislation. The Company’s proposal provides, among other things, that employees faced with redundancy as the result of the proposed actions will be offered the opportunity to obtain positions with Albany Engineered Composites (AEC) at its new composites production facility in Commercy, France. Sélestat is expected to continue to contribute to the development of the composites activities in France; in the near term, the Company will rely on Sélestat to handle systems integration and testing of the specialized weaving lines that will be utilized at the Commercy operation. The restructured operation in St. Junien, meanwhile, is expected to remain the Company’s European “center of excellence” for the engineered fabrics business.
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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 4,300 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.
Contacts
| Investors | Media |
| John Cozzolino | Susan Siegel |
| 518-445-2281 | 603-330-5866 |
| john.cozzolino@albint.com | susan.siegel@albint.com |
Kekst and Company for Albany International
Michael Herley
212-521-4897
michael-herley@kekst.com