Albany International Corp., an Albany, N.Y.-based advanced textiles and materials processing
company, has agreed to sell its Albany Filtration Technologies (AFT) business to All Filtration
Technologies Australia Pty Ltd. for $45 million. The transaction, expected to close late this month
or early next month, includes Albany’s equity interest in Albany International Applied Technology
(Suzhou) Co. Ltd., China, and all other AFT business assets, located primarily in Australia but
also including assets in Brazil, Mexico and the United States. Affected employees will be offered
positions with All Filtration Technologies.
AFT manufactures filtration products for such industrial applications as power generation,
among other processes. The business generated net sales of $10.5 million in the first quarter (Q1)
of this year, a 47-percent increase over Q1 2007. According to Albany International President and
CEO Joe Morone, AFT, while profitable, is not as closely aligned with its core competencies as
other emerging businesses. He said sale proceeds will be used to fund capital expenditures planned
abroad and for provide general working capital.
Albany also announced it would consolidate its Gosford, Australia, press and fiber cement
operations, retaining the location as a center of technical excellence in needled felts for
applications including papermaking and fiber cement, among other applications. The company also
will close its West Gosford-based manufacturing operation for high-performance doors but will
continue its sales and service operations in Australia.
May 6, 2008
