Form 8-K - Current report

216 Airport DriveRochesterNew HampshireFALSE0000819793NYSE00008197932024-11-152024-11-150000819793ain:ClassACommonStockMember2024-11-152024-11-15

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:    November 15, 2024

(Date of earliest event reported)

			ALBANY INTERNATIONAL CORP.
			(Exact name of registrant as specified in its charter)

Delaware			1-10026			14-0462060
(State or other jurisdiction of incorporation)			(Commission File Number)			(I.R.S Employer Identification No.)

216 Airport Drive Rochester, New Hampshire			03867
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code       603-330-5850

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:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.001 par value per share

AIN

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

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Item 2.05 Costs Associated with Exit or Disposal Activities

Albany International Corp. (the "Company") issued a news release on November 15, 2024 relating to its Heimbach Switzerland AG subsidiary’s proposal to consolidate manufacturing operations at its paper machine clothing manufacturing facility in Olten, Switzerland.

The proposal is subject to local legal requirements and consultation with the representative body for local employees. 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. 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 November 15, 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.

			ALBANY INTERNATIONAL CORP.
			By:			/s/ Robert D. Starr
			Name:			Robert D. Starr
			Title:			Executive Vice President and Chief Financial Officer
						(Principal Financial Officer)

Date: November 15, 2024

EXHIBIT INDEX

Exhibit No.			Description
99.1			News Release, dated November 15, 2024, issued by Albany International Corp.
104			Inline XBRL cover page.

Exhibit 99.1

NEWS RELEASE                    

Albany International Corp. Announces Plans to Consolidate Manufacturing Capacity

Rochester, N.H., November 15, 2024 – 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.

Investor / Media Contact:

JC Chetnani

VP-Investor Relations and Treasurer

[e-mail]

# # #

Cover Page	Nov. 15, 2024
Document Type	8-K
Entity File Number	1-10026
Entity Registrant Name	ALBANY INTERNATIONAL CORP.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	216 Airport Drive
Entity Tax Identification Number	14-0462060
Entity Address, Postal Zip Code	03867
City Area Code	603
Local Phone Number	330-5850
Entity Emerging Growth Company	false
Entity Central Index Key	0000819793
Amendment Flag	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Address, City or Town	Rochester
Entity Address, State or Province	NH
Document Period End Date	Nov. 15, 2024
Class A Common Stock
Trading Symbol	AIN
Security Exchange Name	NYSE
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share

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