Albany International Corp., a Rochester, N.H.-based advanced textiles and materials processing
company, has announced plans to sell all assets of its PrimaLoft® products business to Albany,
N.Y.-based PrimaLoft Inc. — a company recently established by the current PrimaLoft management team
in partnership with Prudential Capital Partners L.P. The $38-million transaction is expected to be
completed by the end of the second quarter of 2012.
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