Albany's France Unit Announces Proposal to Restructure Operations at Machine Clothing Plants
Albany International Corp. (NYSE: AIN) announced today that its subsidiary, Albany International France S.A.S., has initiated discussions with the employee Works Council regarding a proposal to restructure operations at the Company's Machine Clothing production facilities in Sélestat and St. Junien. The proposed restructuring would reduce employment by approximately 200 positions at these locations.
The proposal is driven by the previously reported continuing deterioration of Machine Clothing market conditions in Europe. The proposal aims to maintain operations in each location, but restructured in a manner that will improve competitiveness, increase efficiency, and promote the viability of these locations in the long term.
An earlier proposal to close the facility in St. Junien, and relocate production to Sélestat, made in February of this year, was later withdrawn. Since that time, the Company's employees and management have conducted a number of meetings, exchanged information, and explored a number of ideas focused on addressing the current challenges facing Machine Clothing operations in France as market conditions in Europe continue to decline.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.