Monday, May 20, 2013

Completion of Consultation Process to Restructure European Machine Clothing Operations

Albany International Corp. AIN +0.19% announced today that its subsidiary, Albany International France S.A.S.,garage equipments and wheel service equipment by Products brings you the very best in tire changers, tyre changers, wheel balancers, wheel aligners. has completed consultations with employee works councils regarding a proposal to restructure operations at the Company's Machine Clothing production facilities in Selestat and St. Junien.An excavator bucket is used with a construction vehicle in a digging operation. For example, an excavator bucket may be used .Used excavator The proposed restructuring, initially announced in November 2012, is expected to reduce employment by approximately 200 positions at these locations. The Company expects most of the workforce reduction to occur during the third quarter of the 2013.The Company currently expects to record a restructuring charge of $29-$31 million in the second quarter of 2013, representing estimated future cash expenditures for severance and social costs for affected employees.
This estimate does not include anticipated cash and non-cash charges associated with the write-off or write-down of manufacturing equipment,Graphene is an allotrope of carbon sheet whose structure is a single planar sheet of sp-bonded carbon atoms, that are densely packed in a honeycomb crystal lattice. outplacement and similar programs, and pension curtailment, which cannot presently be estimated. The Company will provide additional information about these costs as data becomes available and will record them as restructuring charges in the period in which they are incurred.The Company expects that the restructuring actions will lead to a reduction in annual operating expenses of approximately $10 million. The Company currently expects to start realizing a portion of these savings beginning in the fourth quarter of 2013, with the full effect to be realized by the fourth quarter of 2014.
This release may contain statements, estimates, or projections that constitute "forward-looking statements" as defined under U.S.Choose from our huge selection of Clawfoot tubs. Clawfoot bathtubs are a design that never goes out of style. You'll love our selection of claw foot bathtubs. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," "would," "should" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company's most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q) that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. Forward-looking statements in this release include,Online shopping for Vintage bath fixtures from a great selection of Kitchen & Bath Fixtures; Kitchen & Bath Fixtures. without limitation, statements about the likelihood, amount, and timing of severance costs, other cash and non-cash charges, and cost savings related to the announced restructuring. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

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