Albany International announces discontinuation of manufacturing capacity in South Korea

Feed: 3935 - Date: 4/23/2024 - Views: 40

Albany International Korea, Inc., an affiliate of Albany International Corp.

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 (NYSE:AIN), announced today its plan to discontinue manufacturing at its operations in Chungju, South Korea, and to transfer production to other Albany International manufacturing facilities.
This action will enable the Company to align forming fabric capacity with the local market demand and the needs of customers. This initiative to streamline operations is driven by existing and anticipated market conditions, and in no way reflects on the performance of the 76 affected manufacturing employees, who will be offered separation and outplacement assistance. The company remains committed to the local papermaking industry and will continue to provide customers with strong expertise in Product Application, Sales and Marketing, Service through the current Sales, Service & Application teams located in South Korea.
The transfer of production will be supervised by technical and manufacturing personnel to ensure continuity of customer supply and will be completed by July 2024.

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