Albany International Korea, Inc., an affiliate of Albany International Corp. (NYSE:AIN), has announced the discontinuation of manufacturing at its operations in Chungju, South Korea. The company plans to transfer production to other Albany International manufacturing facilities by July 2024. This initiative aims to align forming fabric capacity with the local market demand and the needs of customers.
As a result of this decision, 76 manufacturing employees will be affected and will be offered separation and outplacement assistance. Despite the closure of manufacturing operations in South Korea, the company remains committed to the local papermaking industry and will continue to provide customers with expertise in Product Application, Sales, and Marketing through the current Sales, Service & Application teams located in South Korea.
Albany International is a leading developer and manufacturer of engineered components with two core businesses. Machine Clothing, its first core business, is the world’s leading producer of custom-designed, consumable belts essential for the manufacture of all grades of paper products. The second core business, 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.
Currently, Albany International operates 32 facilities in 14 countries and employs approximately 5,600 people worldwide. The company is listed on the New York Stock Exchange under the symbol AIN.
For further information about the company and its products and services, visit www.albint.com. Today the company's shares have moved 1.0% to a price of $88.72. Check out the company's full 8-K submission here.
