216 Airport DriveRochesterNew HampshireFALSE0000819793NYSE00008197932024-04-192024-04-190000819793ain:ClassACommonStockMember2024-04-192024-04-19
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: April 19, 2024
(Date of earliest event reported)
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ALBANY INTERNATIONAL CORP. |
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(Exact name of registrant as specified in its charter) |
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| Delaware |
1-10026 |
14-0462060 |
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S Employer
Identification No.)
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216 Airport Drive Rochester, New Hampshire |
03867 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code 603-330-5800
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None |
(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 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading
Symbol(s)
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Name of each exchange
on which registered
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Class A Common Stock, $0.001 par value per share |
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AIN |
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The New York Stock Exchange (NYSE) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).
☐ Emerging growth company
¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act Albany International Corp.
Item 2.05 Costs Associated with Exit or Disposal Activities
(the "Company") issued a news release on April 19, 2024 announcing plans to discontinue manufacturing operations at its forming fabric manufacturing facility in Chungju, South Korea.
The Company is presently unable to reasonably 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. The following exhibit is being furnished herewith:
99.1 News release dated April 19, 2024.
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.
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ALBANY INTERNATIONAL CORP. |
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By: |
/s/ Robert D. Starr |
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Name: |
Robert D. Starr |
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Title: |
Executive Vice President and Chief Financial Officer |
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(Principal Financial Officer) |
Date: April 19, 2024
EXHIBIT INDEX
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Exhibit No. |
Description |
| 99.1 |
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| 104 |
Inline XBRL cover page. |
EX-99.1
2
ain-20240419xex991.htm
EX-99.1
Document
Exhibit 99.1
NEWS RELEASE
Albany International Announces Discontinuation Of Manufacturing Capacity In South Korea
Rochester, New Hampshire, April 19, 2024 – Albany International Korea, Inc., an affiliate of Albany International Corp. (NYSE:AIN), announced today its plan to discontinue manufacturing at its operations in Chungju, South Korea, and to transfer production to other Albany International manufacturing facilities.
This action will enable the Company to align forming fabric capacity with the local market demand and the needs of customers. This initiative to streamline operations is driven by existing and anticipated market conditions, and in no way reflects on the performance of the 76 affected manufacturing employees, who will be offered separation and outplacement assistance. The company remains committed to the local papermaking industry and will continue to provide customers with strong expertise in Product Application, Sales and Marketing, Service through the current Sales, Service & Application teams located in South Korea.
The transfer of production will be supervised by technical and manufacturing personnel to ensure continuity of customer supply and will be completed by July 2024.
About Albany International Corp.
Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses.
•Machine Clothing is the world’s leading producer of custom-designed, consumable belts essential for the manufacture of all grades of paper products.
•Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components for demanding aerospace applications, supporting both commercial and military platforms.
Albany International is headquartered in Rochester, New Hampshire, operates 32 facilities in 14 countries, employs approximately 5,600 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.
Investor / Media Contact:
JC Chetnani
603-330-5851
jc.chetnani@albint.com
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