Albany International To Sell PrimaLoft® Products Business
PrimaLoft® man-made insulations and yarns are used in home furnishings, outdoor and fashion brand products, workwear, and military applications.
"This transaction, following the sale of Albany Door Systems and the integration of Paper Machine Clothing and Engineered Fabrics earlier this year, completes our efforts to simplify our 'cash and grow' corporate strategy and structure," said Joseph G. Morone, president and CEO, Albany International. "For our friends and colleagues at PrimaLoft Products, who have so successfully grown and positioned PrimaLoft as a leading global brand, they will have the opportunity to continue to grow with the support of Prudential, while building on the strong foundation they established as a part of Albany International over the last 20+ years."
"This is an incredible opportunity for the future of PrimaLoft and I am excited to again work with PrimaLoft and the management team," said Michael Joyce, former president, Albany International's Applied Technology Group, who will become president and CEO of PrimaLoft. "PrimaLoft has grown to become the world leader in performance insulations and yarns. This move will enable PrimaLoft to continue to grow by making the necessary investments in the brand to maintain its leadership position in the marketplace."
Primaloft will retain its entire global team, as well as its headquarters in Albany and European offices in Italy and Germany.
May 8, 2012