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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to close the facility in St. Junien, and relocate production to Selestat, made in February of this year, was later withdrawn.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."
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February 20, 2015
08:33 EDTAINAlbany International to close operations in Göppingen, Germany
Albany International reported that its German affiliate, Württembergische Filztuchfabrik K. Geschmay GmbH, has announced plans to discontinue manufacturing operations at its press fabric manufacturing facility in Göppingen, Germany, affecting 52 employees. This planned action is driven by the continuing consolidation of paper industry customers in Europe, and the continuous need to match the company’s paper machine clothing manufacturing capacity in Europe with the demands of customers, so that customer sourcing is optimized. Following completion of this planned action, the company’s European press fabrics manufacturing activities will now be centered in Halmstad, Sweden. There will be no impact on the company’s other European machine clothing manufacturing operations.

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