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) July 23, 2008
ALBANY INTERNATIONAL CORP.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-10026 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 news release on April 10,
2008 announcing plans to further reduce manufacturing capacity in North America.
As announced, the Company intends to discontinue operations at its Mansfield,
Massachusetts, facility, and consolidate its technical and manufacturing
operations located there into other facilities in Europe and North America. The
plans are a part of an ongoing, company-wide effort to streamline operations and
to balance the Company's PMC manufacturing capacity in North America with
anticipated paper mill demand. Discussions with labor representatives at the
affected operations began shortly after that announcement. Given that
requirement, the Company was at that time unable to determine the amount of the
expense to be incurred for severance and termination payments, and therefore was
unable to determine total costs expected to be incurred.
Type of restructuring expenses: The Company has now determined that it expects
to incur charges of $2.6 million related to these actions, of which $2.3 million
is expected to be reported as restructuring on the Company's Income Statement.
The restructuring charges include approximately $2.0 million of cash charges for
severance and other termination benefits and $0.3 million of other expenses.
Timing of expense recognition: Related to those actions, the Company expects to
report charges of $1.8 million in the second quarter, and $0.8 million spread
over the third and fourth quarters.
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: July 24, 2008