Pulp-Paperworld.com / European News

Albany International Corp. (NYSE:AIN) has just announced that its subsidiary, Albany International France S.A.S. (“Albany France”), has initiated discussions with the employee Works Council regarding a proposal to restructure operations at the Company’s Machine Clothing production facilities in Sélestat, France. The proposed restructuring would reduce employment by approximately 54 positions.

AIlogo newMachine Clothing market conditions in Europe have continued to decline since an earlier restructuring in 2013. That restructuring, which resulted in reduced employment in the Sélestat location, was intended to improve the viability of both the Sélestat and St. Junien operations. Unfortunately, despite the best efforts and good faith of all parties, conditions globally, and especially in the European market supported by these locations, have continued to decline even further since 2012, leading to the current proposal. Global Machine Clothing sales were $582 million in 2016, compared to $693 million in 2012, a decline of 16%.

President and CEO Joseph Morone said, “As we have long reported, the market for Machine Clothing in the publication grades, particularly in Europe, has been deteriorating for over a decade, and continues to do so. As we described at the time, the 2013 restructuring was part of a deliberate but painful process of aligning our global capacity to the long-term structure of the machine clothing industry. This restructuring process has to date resulted in the closing of 13 plants across the globe, including eight in North America and four in Europe, and significant downsizing at other European plants, along with investment in new capacity in Asia and South America. While we had hoped that the 2013 actions would represent the last step in this global restructuring process, continued deterioration in the market for publication paper grades has driven the need for further restructuring in order to maintain Albany’s ability to compete in the markets we continue to serve.”

Consultations with the Works Council will be completed in accordance with applicable French legislation.

About Albany International Corp.

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 22 plants in 10 countries, employs 4,400 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

Published in European News

Albany International Corp. (NYSE:AIN) have just announced that A. William Higgins has been elected to its Board of Directors.

AIlogo newMr. Higgins, age 57, currently serves as a director of Kaman Corporation, a diversified aerospace and industrial distribution company, and Bristow Group Inc., a leading global industrial aviation services provider. Mr. Higgins serves as chairman of the Kaman board finance committee and is a member of the corporate governance committee. From 2008 to 2012, he served as Chairman, Chief Executive Officer and President of CIRCOR International, Inc., a global diversified supplier of fluid-control and related products and services for aerospace, energy, defense, manufacturing and other applications. Prior to 2008, he held the offices of President and Chief Operating Officer and Executive Vice President and Chief Operating Officer of CIRCOR. Before joining CIRCOR in 2005, Mr. Higgins spent thirteen years in a variety of senior management positions with Honeywell International and AlliedSignal.

Albany International Chairman Erland E. Kailbourne said, “Bill’s experience as a COO, President and then CEO and Chairman of CIRCOR, as well as his prior experience at Honeywell and AlliedSignal, bring welcome added perspective on talent development, international operations and global strategic development, lean manufacturing and continuous improvement processes, and the aerospace and defense industries. He is an ideal addition to our Board, and I take great pleasure in welcoming him as a new Director.”

About Albany International Corp.

Albany International Corp. 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 22 plants in 10 countries, employs 4,400 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.

Published in North American News

AIlogoThe Board of Directors of Albany International Corp. (NYSE:AIN) has declared a quarterly dividend of $0.17 per share on the Company’s Class A and Class B Common Stock, payable on July 8, 2015, to shareholders of record on June 5, 2015. This represents an increase of $0.01 from the most recent quarterly dividend.

Albany International Corp. 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 19 plants in 10 countries, employs 4,000 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.

Source: Albany International Corp.

Albany International Corp.
Investors
John Cozzolino, 518-445-2281
john.cozzolino@albint.com

Published in financial News

Albany International Corp. (NYSE: AIN) will release 2013 second-quarter financial results after the close of the market on Wednesday, July 31, 2013. The Company will host a webcast to discuss earnings at 9:00 a.m. Eastern Time on Thursday, August 1.

Interested parties are invited to listen to the webcast via the Company’s Investor Relations website at www.albint.com. A replay of the webcast will be available on the website at approximately noon Eastern Time on August 1.

Source: Albany International Corp.

Additional Info

  • About

    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 4,000 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

    Albany International Corp.
    Investors:
    John Cozzolino, 518-445-2281
    john.cozzolino@albint.com

Published in financial News

AIlogo newAlbany International Corp. (NYSE:AIN) has announced that its subsidiary, Albany International France S.A.S., has completed consultations with employee works councils regarding a proposal to restructure operations at the Company’s Machine Clothing production facilities in Sélestat and St. Junien. The proposed restructuring, initially announced in November 2012, is expected to reduce employment by approximately 200 positions at these locations. The Company expects most of the workforce reduction to occur during the third quarter of the 2013.

The Company currently expects to record a restructuring charge of $29-$31 million in the second quarter of 2013, representing estimated future cash expenditures for severance and social costs for affected employees. This estimate does not include anticipated cash and non-cash charges associated with the write-off or write-down of manufacturing equipment, outplacement and similar programs, and pension curtailment, which cannot presently be estimated. The Company will provide additional information about these costs as data becomes available and will record them as restructuring charges in the period in which they are incurred.

The Company expects that the restructuring actions will lead to a reduction in annual operating expenses of approximately $10 million. The Company currently expects to start realizing a portion of these savings beginning in the fourth quarter of 2013, with the full effect to be realized by the fourth quarter of 2014.

Source: Albany International Corp.

Additional Info

  • About

    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 4,000 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

    Albany International Corp.
    Investors
    John Cozzolino, 518-445-2281
    john.cozzolino@albint.com

Published in European News

AIlogoAlbany International Corp. (NYSE:AIN) announced today that its subsidiary, Albany International France S.A.S., has completed consultations with employee works councils regarding a proposal to restructure operations at the Company’s Machine Clothing production facilities in Sélestat and St. Junien. The proposed restructuring, initially announced in November 2012, is expected to reduce employment by approximately 200 positions at these locations. The Company expects most of the workforce reduction to occur during the third quarter of the 2013.

The Company currently expects to record a restructuring charge of $29-$31 million in the second quarter of 2013, representing estimated future cash expenditures for severance and social costs for affected employees. This estimate does not include anticipated cash and non-cash charges associated with the write-off or write-down of manufacturing equipment, outplacement and similar programs, and pension curtailment, which cannot presently be estimated. The Company will provide additional information about these costs as data becomes available and will record them as restructuring charges in the period in which they are incurred.

The Company expects that the restructuring actions will lead to a reduction in annual operating expenses of approximately $10 million. The Company currently expects to start realizing a portion of these savings beginning in the fourth quarter of 2013, with the full effect to be realized by the fourth quarter of 2014.

Source: Albany International Corp.

Additional Info

  • About

    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 4,000 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

    Albany International Corp.
    Investors
    John Cozzolino, +1-518-445-2281
     john.cozzolino@albint.com

Published in North American News

First-Quarter Highlights

Net income per share was $0.14 in the first quarter of 2010, including restructuring charges of $0.07 per share.

Net loss per share was $0.63 in the first quarter of 2009, including restructuring charges of $0.51, and a gain of $0.06 related to an extinguishment of debt.

Q1 2010 net sales were $213.9 million, an increase of 2.2 percent compared to Q1 2009.

EBITDA was $26.2 million in the first quarter of 2010, compared to $2.0 million in the first quarter of 2009.  Q1 2010 EBITDA was reduced by restructuring charges of $3.1 million.  EBITDA in Q1 2009 was reduced by $17.2 million related to restructuring charges, while a gain on extinguishment of debt improved EBITDA by $2.8 million.

See attached file for entire release

Published in May 2010