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Albany International Korea, Inc., a subsidiary of Albany International Corp. (NYSE:AIN), will discontinue manufacturing operations in Chungju, South Korea, and transfer production to other facilities. The move aims to align forming fabric capacity with market demand, driven by market conditions. Affected employees will receive support, and the company remains committed to serving the local papermaking industry.
Albany International Korea, Inc., una filiale di Albany International Corp. (NYSE:AIN), cesserà le operazioni di produzione a Chungju, Corea del Sud, e trasferirà la produzione ad altri stabilimenti. L'obiettivo di questa mossa è allineare la capacità produttiva dei tessuti di formazione alla domanda di mercato, influenzata dalle condizioni di mercato. I dipendenti interessati riceveranno supporto e l'azienda rimane impegnata a servire l'industria cartaria locale.
Albany International Korea, Inc., una subsidiaria de Albany International Corp. (NYSE:AIN), dejará de fabricar en Chungju, Corea del Sur, y trasladará su producción a otras instalaciones. El objetivo de este cambio es alinear la capacidad de producción de telas de formación con la demanda del mercado, la cual está impulsada por las condiciones de mercado. Los empleados afectados recibirán apoyo y la compañía sigue comprometida con el servicio a la industria papelera local.
알바니 인터내셔널 코리아(Albany International Korea, Inc.), 알바니 인터내셔널 코프(Albany International Corp.)(NYSE:AIN)의 자회사는 충주, 대한민국에서의 제조 운영을 중단하고 생산을 다른 시설로 이전할 예정입니다. 이 조치는 시장 수요에 따라 성형 패브릭의 생산 능력을 조정하고자 하는 것으로, 시장 상황에 의해 주도됩니다. 영향을 받는 직원들에게는 지원이 제공되며, 회사는 현지 제지 산업을 계속 지원할 것을 약속합니다.
Albany International Korea, Inc., une filiale de Albany International Corp. (NYSE:AIN), va arrêter ses opérations de fabrication à Chungju, en Corée du Sud, et transférer sa production vers d'autres installations. Cette démarche vise à aligner la capacité de fabrication du tissu formateur avec la demande du marché, influencée par les conditions du marché. Les employés affectés recevront du soutien et la société reste engagée à servir l'industrie papetière locale.
Albany International Korea, Inc., eine Tochtergesellschaft von Albany International Corp. (NYSE:AIN), wird die Produktionsaktivitäten in Chungju, Südkorea, einstellen und die Produktion in andere Einrichtungen verlagern. Der Zweck dieser Maßnahme ist es, die Kapazität der Formstoffherstellung an die Marktnachfrage anzupassen, die von den Marktbedingungen getrieben wird. Betroffene Mitarbeiter erhalten Unterstützung, und das Unternehmen bleibt der lokalen Papierindustrie verpflichtet.
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ROCHESTER, N.H.--(BUSINESS WIRE)--
Albany International Korea, Inc., an affiliate of Albany International Corp. (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.
About Albany International Corp.
Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses.
Machine Clothing is the world’s leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other industrial applications.
Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components for demanding aerospace applications, supporting both commercial and military platforms.
Albany International is headquartered in Rochester, New Hampshire, operates 32 facilities in 14 countries, employs approximately 5,600 people worldwide, and is listed on the New York Stock Exchange (Symbol: AIN). Additional information about the Company and its products and services can be found at www.albint.com.
Why is Albany International discontinuing manufacturing in South Korea?
Albany International is discontinuing manufacturing in South Korea to align forming fabric capacity with market demand, driven by existing and anticipated market conditions.
What will happen to the affected manufacturing employees in South Korea?
The 76 affected manufacturing employees in South Korea will be offered separation and outplacement assistance.
When will the transfer of production be completed?
The transfer of production from South Korea to other Albany International facilities will be completed by July 2024.
How will Albany International ensure continuity of customer supply during the transfer of production?
Albany International will supervise the transfer of production with technical and manufacturing personnel to ensure continuity of customer supply.
albany international is a global advanced textiles and materials processing company with two core businesses. machine clothing (mc) is the world’s leading producer of custom-designed fabrics and belts essential to production in the paper, nonwovens, and other process industries. mc has a global market share of approximately 30%, compared to 15% estimated share for the next largest competitor. albany engineered composites (aec ) is a rapidly growing supplier of highly engineered composite parts for the aerospace industry. aec is the sole supplier of fan blades, fan cases and other advanced composite components for the cfm leap engine; current estimates for annual leap production rates are approximately 1600 engines by the end of the decade, for which aec will deliver approximately 100,000 parts per year. albany international is headquartered in rochester, new hampshire, and operates 18 plants in 11 countries (united states, canada, mexico, brazil, france, united kingdom, germany, italy,
