Heimbach Switzerland, an affiliate of Albany International (AIN), announced that it will initiate consultations with employee representatives regarding a proposal to discontinue manufacturing operations in Olten, Switzerland, and to transfer production to other Heimbach manufacturing facilities. The reduction is subject to local law and will be implemented in accordance with such law and in consultation with the employees’ representative body. This action, if approved, will enable the Albany’s Heimbach subsidiary to align its paper machine clothing manufacturing 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 83 affected employees, who will be offered separation and outplacement assistance. Until consultations are concluded, the company is unable to reasonably estimate the costs that it would expect to incur in connection with the proposed action. If closure is concluded, the company will disclose the amount, type and timing of any such costs promptly after they are determined.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on AIN:
- Albany International Corp. Reports Mixed Q3 2024 Results
- Albany International reports Q3 adjusted EPS 80c, consensus 57c
- Albany International sees FY24 adjusted EPS $3.10-$3.30, consensus $3.16
- AIN Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Albany International price target lowered to $85 from $96 at JPMorgan
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
