Albany International Corp. Announces Plans to Consolidate Manufacturing Capacity
15 November 2024 - 1:45PM
Business Wire
Heimbach Switzerland AG, an affiliate of Albany International
Corp. (NYSE:AIN), announced today that it will initiate
consultations with employee representatives regarding a proposal to
discontinue manufacturing operations in Olten, Switzerland, and to
transfer production to other Heimbach GmbH manufacturing
facilities. The reduction is subject to local law and will be
implemented in accordance with such law and in consultation with
the employees’ representative body.
This action, if approved, will enable the Albany’s Heimbach GmbH
subsidiary to align its paper machine clothing manufacturing
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 83 affected employees, who will be offered
separation and outplacement assistance. 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. If closure is concluded, the Company will disclose the
amount, type and timing of any such costs promptly after they are
determined.
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
paper, paperboard, tissue and towel, pulp, non-wovens and a variety
of other industrial applications.
- 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 30 facilities in 13 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241112194155/en/
Investor / Media Contact: JC Chetnani VP-Investor
Relations and Treasurer jc.chetnani@albint.com
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