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Stock Market & Financial Investment News

News Breaks
November 21, 2012
12:17 EDTAINAlbany International announces proposed restructuring in Europe
Albany International Corp. (AIN) announced 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 Selestat 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to close the facility in St. Junien, and relocate production to Selestat, made in February of this year, was later withdrawn.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."
News For AIN From The Last 14 Days
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January 25, 2016
08:02 EDTAINAlbany International in talks cease R&D activities in Selestat, France
In a regulatory filing, Albany International disclosed that its subsidiary, Albany International France S.A.S., initiated discussions with the employee Works Council regarding a proposal to cease R&D activities at the company's production facility in Selestat, France. The proposed measures would result in the elimination of 25 positions, including three vacancies, and the departure of 22 employees. Continuing R&D projects currently conducted at the Selestat facility will be transferred to the company's R&D center in Halmstad, Sweden. Works Council consultations will be completed in accordance with applicable French law. Until such consultations are concluded, the company is unable to reasonably estimate the costs it would expect to incur in connection with the proposed action. The company will disclose the amount, type and timing of such costs promptly after they are determined, Albany International said.

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