The Company currently expects to record a restructuring charge of $29-$31 million in the 2Q 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, 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 4Q 2013, with the full effect to be realized by the 4Q 2014.
Albany International is a global advanced textiles and materials processing company, with two core businesses. Machine Clothing is the world’s leading producer of custom-designed fabrics and belts essential to production in the paper, nonwovens, and other process industries. Albany Engineered Composites is a rapidly growing supplier of highly engineered composite parts for the aerospace industry.
