-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O+nUl8hptT2/lIy3HsEfcxqzGmMgv0dGAEMIRykUGVKxGegxYhOTAiXuK2aI5VOp qz+9D26Sf0Ui5zITQhDVAQ== 0001275287-06-004131.txt : 20060803 0001275287-06-004131.hdr.sgml : 20060803 20060803172509 ACCESSION NUMBER: 0001275287-06-004131 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060803 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060803 DATE AS OF CHANGE: 20060803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALBANY INTERNATIONAL CORP /DE/ CENTRAL INDEX KEY: 0000819793 STANDARD INDUSTRIAL CLASSIFICATION: BROADWOVEN FABRIC MILS, MAN MADE FIBER & SILK [2221] IRS NUMBER: 140462060 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10026 FILM NUMBER: 061003004 BUSINESS ADDRESS: STREET 1: 1373 BROADWAY CITY: ALBANY STATE: NY ZIP: 12204 BUSINESS PHONE: 5184452200 MAIL ADDRESS: STREET 1: 1373 BROADWAY CITY: ALBANY STATE: NY ZIP: 12204 FORMER COMPANY: FORMER CONFORMED NAME: ALBINT INC DATE OF NAME CHANGE: 19870924 8-K 1 ai6700.txt FORM 8-K ================================================================================ 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 (Date of earliest event reported) August 3, 2006 ALBANY INTERNATIONAL CORP. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-16214 14-0462060 ------------------------------ ----------------- ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1373 Broadway, Albany, New York 12204 --------------------------------------------------- ------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (518) 445-2200 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 240.13a-4(c)) ================================================================================ ITEM 2.05. COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES. Albany International Corp. (the "Company") issued a press release on August 3, 2006 announcing plans to reduce manufacturing capacity in North America. As announced, the Company intends to discontinue dryer fabric manufacturing operations in Cowansville, Quebec, Canada, and to shut down seaming capacity at its forming fabric operations in Menasha, Wisconsin. The Company estimates that it will incur termination and severance charges of approximately $2.0 million and other cash charges of approximately $0.5 million in connection with these actions. These charges will be reflected in third-quarter results, with the bulk of the cash payments to be made during the third quarter. In addition, the Company expects to incur additional charges of from $2.0 to $2.5 million related to the relocation or retirement of equipment at the affected locations. The timing and nature of these charges (i.e., cash or non-cash; operating or restructuring/non-operating) has not been determined, pending final determination by the Company of the ultimate disposition of each item. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. 99.1 Press Release dated August 3, 2006. 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/ Michael C. Nahl ---------------------------- Name: Michael C. Nahl Title: Executive Vice President and Chief Financial Officer Date: August 3, 2006 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ----------- -------------------------------------- 99.1 Press Release dated August 3, 2006 EX-99.1 2 ai6700ex991.txt EXHIBIT 99.1 Exhibit 99.1 ALBANY INTERNATIONAL ANNOUNCES REDUCTION IN MANUFACTURING CAPACITY IN NORTH AMERICA ALBANY, N.Y., Aug. 3 /PRNewswire-FirstCall/ -- Albany International Corp. (NYSE: AIN; PCX, FWB) announced today the intention to discontinue dryer fabric manufacturing operations at its facility in Cowansville, Quebec, Canada, and to shut down seaming capacity at its Menasha, Wisconsin, forming fabric operation. These actions are the result of shifting paper machine clothing demand in the Americas and the continuing closure of paper and paperboard machines in North America, especially Canada. The decision by the Company to discontinue operations is a business-driven necessity and, therefore, does not reflect on the fine performance of the affected Albany International employees. The 95 hourly and salaried employees affected by this decision will receive severance packages and assistance with outplacement. The Company will complete the transfer of production to other Albany facilities within the next several weeks. The Company estimates that it will incur termination and severance charges of approximately $2.0 million and other cash charges of approximately $0.5 million in connection with these actions. These charges will be reflected in third-quarter results, with the bulk of the cash payments to be made during the third quarter. In addition, the Company expects to incur additional charges of from $2.0 to $2.5 million related to the relocation or retirement of equipment at the affected locations. The timing and nature of these charges (i.e., cash or non-cash; operating or restructuring/non-operating) has not been determined, pending final determination by the Company of the ultimate disposition of each item. Albany International is the world's largest producer of custom-designed paper machine fabrics and process belts that are essential to the manufacture of paper and paperboard. In its family of businesses, Albany applies its core competencies in advanced textiles and materials to other industries. Additional information about the Company and its businesses and products is available at http://www.albint.com. SOURCE Albany International Corp. -0- 08/03/2006 /CONTACT: Kenneth C. Pulver, Vice President-Global Marketing & Communications of Albany International Corp., +1-518-445-2214/ /Web site: http://www.albint.com / (AIN) -----END PRIVACY-ENHANCED MESSAGE-----