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) July 1, 2009
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 2.05. Costs Associated with Exit or Disposal Activities.
Albany International Corp. (the "Company") issued a news release on July 1, 2009
announcing plans to reduce manufacturing capacity in certain locations. The
locations affected include the Company's facility in Tumwater, Washington as
well as facilities of certain subsidiaries in France and Germany.
The planned closures in Europe are subject to local law, as well as to
consultation with employee works councils.
Works council discussions in Europe are expected to begin shortly. Until they
are concluded, the Company is unable reasonably to estimate the costs that it
would expect to incur in connection with these intended actions. 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.
99.1 News Release dated July 1, 2009.
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: July 2, 2009
EXHIBIT INDEX
Exhibit No. Description
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99.1 News Release dated July 1, 2009
Exhibit 99.1
Albany International Announces Plans to Reduce Manufacturing Capacity
and Personnel in Europe and U.S.
Albany, New York, July 1, 2009 - Albany International Corp. (NYSE:AIN)
announced today plans by two of its European affiliates to reduce manufacturing
capacity and personnel and also announced a plant closure in the United States.
Albany International France S.A.S. announced a proposed plan to
discontinue operations at its press fabric manufacturing facility in Riberac,
France, and Wurttembergische Filztuchfabrik K. Geschmay GmbH announced plans to
further reduce personnel at its press and dryer fabric facility in Goppingen,
Germany. These planned actions would be the result of the continuing
consolidation of paper industry customers in Europe and the need to balance the
Company's paper machine clothing manufacturing capacity in Europe with
anticipated paper mill demand. The Company does expect Goppingen to remain an
integral part of its long-term capacity plan, and to continue to be its primary
press fabric operation for central Europe.
The Riberac and Goppingen proposals would be subject to applicable local
law and would be implemented in accordance with such law and in consultation
with the Works Councils.
Albany International Corp. also disclosed that it will discontinue
operations at its process belt manufacturing facility in Tumwater, Washington.
As with the European plans, similar steps have been taken by the Company over
the last few years in North America, as the global paper and paperboard industry
continues to shift capacity from traditional paper markets to new emerging
markets.
The Company's process belt manufacturing will now be centered at its
operations in Bury, England, as of August 31, 2009. The Bury capacity will be
maximized to accommodate additional production; technical and manufacturing from
Bury and Tumwater will work closely together to ensure continuity of customer
supply.
The Company anticipates that with these planned actions, its PMC
manufacturing capacity in Eurasia will be, for the foreseeable future, as
follows: forming production for Eurasia will be centered in Selestat and
Chungju, with some specialized production continuing in Halmstad; press
production will be centered in Halmstad, Goppingen, and Hangzhou; dryer
production in Panyu and Goppingen, and global process belts in Bury. The Company
will continue to provide customers throughout Eurasia with world-class expertise
in Product Application, Sales and Marketing, Service, and Research and
Development.
The proposed actions in Europe and the Tumwater, Washington, plant closure
in no way reflect on the performance of the affected employees; they are a
business necessity, driven by the existing and anticipated market conditions.
Albany International is a global advanced textiles and materials
processing company. Its 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.