ALBANY INTERNATIONAL CORP /DE/ (AIN): restructuring charge — Albany International to cease manufacturing in Chungju, South Korea; 76 employees affected

ALBANY INTERNATIONAL CORP /DE/

Forming fabric production will be transferred to other Albany International facilities, completed by July 2024.
The company will offer separation and outplacement assistance to all 76 affected manufacturing employees.
Sales, service, and application teams in South Korea will continue to support the local papermaking industry.
Cost estimates for the discontinuation are not yet determinable; the company will disclose them when available.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ALBANY INTERNATIONAL CORP /DE/ announced a restructuring affecting forming fabric manufacturing facility in Chungju, South Korea (76 affected manufacturing employees).

Type: restructuring
Affected area: forming fabric manufacturing facility in Chungju, South Korea
Headcount: 76 affected manufacturing employees

Exact text from the filing

Albany International Korea, Inc., an affiliate of Albany International Corp. (NYSE:AIN), announced today its plan to discontinue manufacturing at its operations in Chungju, South Korea, and to transfer production to other Albany International manufacturing facilities. This action will enable the Company to align forming fabric 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 76 affected manufacturing employees, who will be offered separation and outplacement assistance.

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Source: SEC EDGAR

accession 0000819793-24-000027

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