00028_99 AnnualFINAL_Susan_.tg by chenmeixiu


									Our Business
   Albany International’s business is to supply the      Building on this core competency, Albany
worldwide pulp and paper industry, as well as other   International pioneered the development of
industries, with technologically sophisticated        complementary technologies that allow for
structured materials and related services.            strategic diversification and growth opportunities.
                                                      These businesses include High Performance
   The Company is the world’s largest producer of     Doors, Engineered Products, Industrial
custom-designed engineered fabrics called paper       Fabrics & Filters, Corrugator Belts, High
machine clothing (PMC). These consumable fabrics      Performance Materials, and Advanced Thermal
are used on all paper machines to produce every       Protection Systems.
grade of paper from lightweight sanitary tissue to       Founded in 1895, the Company is head-
heavyweight containerboard. PMC fabrics, essential    quartered in Albany, New York, and employs
to the papermaking process, are manufactured from     approximately 7,000 people worldwide. Our plants
monofilament and synthetic fiber materials.           are strategically located to serve our global customers.

Forging a New Alliance
s   Acquired the Geschmay group of
    companies, which expanded our
    global commitment.

Listening to Our Customers
s   Restructured sales and technical sup-
    port teams to develop more efficient,
    focused partnerships with customers.
s   Continued to develop breakthrough
    products for all sections of the paper
    machine, enhancing operational
    efficiency and sheet quality.
s   Initiated an interactive Customer
    Forum, accessible through the Internet.

Responding to Our Shareholders
s   Maintained an aggressive restructuring
    timetable, placing the best, most
    efficient assets in the areas of highest
s   Continued the development of
    complementary technologies that
    expand our competencies while
    increasing revenues with lower
    installed capital resources.
                   FINANCIAL HIGHLIGHTS
                                            YEARS ENDED DECEMBER 31,                               1999(1)         1998(1)
                                            ($ millions, except per share amounts)

                                            NET SALES                                              $778.4          $722.7
                                            GROSS MARGIN                                             319.4           305.3
                                            OPERATING INCOME                                          77.0             70.6
  Paper machine clothing from Albany
                                            NET INCOME                                                30.2             31.8
International is used on this world-class
 Valmet SC paper machine installed by       NET INCOME PER SHARE                                      1.00             1.02
  Valmet at the StoraEnso mill in Port
    Hawkesbury, Nova Scotia, Canada.        DILUTED NET INCOME PER SHARE                              0.99             1.01
                                            RETURN ON SHAREHOLDERS’ EQUITY                           9.3%           10.1%

                                            AT DECEMBER 31,                                          1999             1998
                                            WORKING CAPITAL                                        $331.1          $189.7
                                            LONG-TERM DEBT                                           521.3           181.1
                                            SHAREHOLDERS’ EQUITY                                    325.4             314.9

                                            (1) The above amounts include the effect of restructuring of operations. Excluding
                                                restructuring,the comparable amounts are as follows:
                                                                                                      1999            1998
                                                Operating income                                     $93.9            $90.8
                                                Net income                                            39.8             44.1
                                                Net income per share                                  1.31             1.42
                                                Diluted net income per share                          1.31             1.40
                                                Return on shareholders’ equity                      11.9%            13.5%

                                            Table of Contents
                                            LETTER TO OUR SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . .2
                                            FORGING A NEW ALLIANCE . . . . . . . . . . . . . . . . . . . . . . . . . .6
                                            LISTENING TO OUR CUSTOMERS . . . . . . . . . . . . . . . . . . . . .10
                                            RESPONDING TO OUR SHAREHOLDERS . . . . . . . . . . . . . . . . .14
                                            THE PROCESS OF PAPERMAKING . . . . . . . . . . . . . . . . . . . . . .18
                                            FINANCIAL SECTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19
                                            CORPORATE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . .45
                                            DIRECTORS AND OFFICERS . . . . . . . . . . . . . . . . . . . . . . . . .46

                                                           Letter to Our Shareholders
                             Last year was a turning point in the 105-year history of Albany
                          International, as we expanded our global commitment to deliver value to our
                          customers, improve shareholder returns, and create opportunities for our
                          employees. The actions we initiated and completed in 1999 brought an
                          expanded global presence to our company, which was already the market
                          leader. On the following pages, we will explain how we repositioned Albany
                          International to take on the challenges of the future.

                                                                       In past reports, we have
 EXPANDING OUR GLOBAL COMMITMENT discussed the consolidation
                                                                     and globalization of the paper
                     industry. Mergers and acquisitions among our papermaking customers have
   “The addition of
                     changed the nature of their businesses. Ultimately, the papermaking industry
Geschmay broadens
                     will become stronger, more efficient, and will compete more effectively against
  our product lines,
                     new technologies and the impact of electronic media. Following consolidations
        adds to our
                     by our customers, it was imperative that Albany International and other
  geographic scope,
                     suppliers alter their organizations as well.
and reinforces many
 of the fundamental      Recognizing the changing competitive conditions in our industry, we began
          values that a restructuring of our operations in 1998 that included workforce reductions,
         drive Albany rationalization of North American assets, and the reorganization of field sales
      International.” and service. These initiatives were critical and a prelude to the largest
                          acquisition in the history of our company.

                             On August 24, 1999, we acquired the Geschmay group of companies, which
                          includes COFPA in France, Veneto in Italy, and Geschmay in Germany and
                          the United States. The acquired technology, facilities, and workforce have
                          improved our strategic position in a rapidly changing marketplace. With
                          expanded capabilities in manufacturing, core technology, marketing, and
                          research and development, we are now poised to provide better service more
                          efficiently to our customers around the world.

                          Strengths of the Acquisition
                             To enhance our global position, it was critical that we join forces with an
                          organization that offered a strategic fit and synergies. We identified Geschmay
                          as the ideal partner.

                             Albany’s acquisition of Geschmay has solidified our leadership as the world’s
                          largest supplier of paper machine clothing (PMC) with a market share of
                          approximately 30 percent. The addition of Geschmay broadens our product
                          lines, adds to our geographic scope, and reinforces many of the fundamental

values that drive Albany International. Geschmay is well-known and respected
worldwide for quality products, and therefore, we will continue to sell under
their brand names for all product lines. Like Albany International, Geschmay
embraces technological innovation and places a high value on customer service.

   Geschmay’s application
skills add another layer
of value to Albany
International. Their tech-
nological leadership in
both pressing and drying,
coupled with strategic geo-
graphic positioning,
enables us to improve our
market position in Western
Europe. Their reputation
as a quality supplier for
high-speed printing grade
and newsprint machines is
widely recognized. In
addition, Geschmay suc-
cessfully introduced prod-
ucts for high-speed tissue
machines in Europe and
developed the latest
technology in spiral
dryer fabrics.

   The increasing global       Francis L. McKone, Chairman of the Board and Chief Executive Officer (left) and Frank R.
                               Schmeler, President and Chief Operating Officer, at the airport in Albany, New York.
nature of the paper manu-
facturing industry requires
that its supplier base be global as well. Our integration with Geschmay
broadens our full-service supplier capabilities to better serve our customers’
operational requirements.

Financial Results
  For the full year, excluding the Geschmay acquisition in 1999 and special
costs in both years, diluted earnings per share were $1.53 in comparison to
$1.40 in 1998. The acquisition and special costs had the effect of reducing
1999 earnings by 54 cents, compared to 39 cents in 1998. Net sales were 7.7
percent higher than in 1998, while operating income was up 3.4 percent.
Gross margin for 1999 was 41 percent, compared to 42.2 percent in 1998.
                    Cost-Reduction Initiatives
                      The cost reduction program we announced in late 1998, combined with the
                    synergies from the Geschmay acquisition, will result in annual cost savings of
                    $50 million when complete at the end of 2000.

                       The acquisition of Geschmay is primarily complementary, but as a result of
      “The cost-
                    this acquisition and our earlier-announced restructuring plans, we closed
                    plants in the United States and Germany, and are currently closing additional
     program we     plants in Mexico and the U.S. In evaluating our asset base in other parts of the
   announced in     world, and in line with our strategic repositioning, additional facilities will be
1998, combined      closed. In addition, we will further reduce payroll-related costs by 3.5
        with the    percent by the end of 2000.
 synergies from
                      We restructured our marketing and sales/service organizations in North
  the Geschmay
                    America and Europe, and consolidated the sales organizations in Asia and
acquisition, will
                    Canada to provide a cost-efficient, unified approach to serve our global
result in annual
                    customers. With more focused sales and service teams, we can provide our
 savings of $50     customers with dedicated specialists who are extremely knowledgeable of their
   million when     operations and are supported by our integrated information technology system.
complete at the
  end of 2000.”     Increasing Shareholder Value
                       In our 1998 annual report, we discussed how our strategy of product
                    leadership, operational excellence, and customer focus allows us to deliver value
                    to our customers and grow our company, thereby creating value for our
                    shareholders and employees as well.
                      In 1999, we renewed our commitment to improve shareholder returns and
                    took measures that, we believe, will result in a stronger company whose value
                    will be recognized by the financial community.
                       To meet this commitment, our objectives are clear: successfully complete the
                    integration of Geschmay, expand our global coverage, reduce costs and maxi-
                    mize efficiencies in all of our businesses, and continue to introduce
                    innovative products and services that bring value to our customers.
                      We have provided diversification to our core business over the past several
                    years by acquisition or by transference of core technologies into products
                    and processes that are used in consumer, aerospace, and industrial
                    applications. These efforts have provided growth opportunities in new
                    industries and new markets.

   In 1999, we introduced Economic Value-Added (EVA), a financial frame-
work to assist and encourage managers to utilize assets effectively. In 2000,
we will implement EVA on a broader scale to provide our management with
the tools needed to effectively utilize our global assets and focus on longer-term
strategic goals.

   On the whole, the Geschmay acquisition has had an invigorating effect
on Albany International and presents long-term growth opportunities for our
employees. During 1999, there have been addi-
tional demands, resulting from our restructuring
efforts and acquisitions, on our employees. We
thank them for their support and strong work
ethic during this challenging period. Throughout this
annual report, you will see representatives of our global
family – skilled, hard-working employees who are the
backbone of our company.
                                                                                     Geschmay Göppingen, Germany,
                                       *                                             and Greenville, South Carolina,
   The changes we initiated in our company in 1999 will be exciting,                 possess strong brand equity, as do
                                                                                     COFPA in France and Veneto in
promising, and rewarding, and have set the stage not only for the year 2000,         Italy. In recognition of their brand
but also for the next decade. We will continue to prosper by quickly                 strengths, we will continue to
responding to our dynamic customer base with a strategic global perspective          maintain their brand identities.

driven by technology and service. We will also retain the traditional and
fundamental values of dedication to our work and respect for one another,
our customers, and our communities that have made our company a
global force in the paper machine clothing industry.

   Francis L. McKone                          Frank R. Schmeler
   Chairman of the Board and                  President and
   Chief Executive Officer                    Chief Operating Officer

                                              Joining Forces with Geschmay
                      Albany International’s acquisition of Geschmay, an ideal complement to our
                   existing products and geographic coverage, highlighted a strategic global restruc-
                   turing of our company. The two companies also share the pursuit of technical
                   innovation, a passion for customer service, and a long-standing commitment to
                   providing technologically superior and reliable products.
                      Driving this acquisition was our desire to respond to global changes in the
                   paper industry and the changing requirements of our customers. Mergers, acqui-
                   sitions, and consolidations among paper producers have dramatically trans-
                   formed the industry landscape, resulting in an increasing number of customers


  acquisition of
  highlighted a
strategic global
restructuring of
 our company.”

with a global profile. With the acquisition of Geschmay, we have taken an essen-
tial step to support the expanded needs of our customer base.
   With world-class manufacturing facilities in 15 countries that are strategically
located in the major papermaking regions of the world, our ability to provide
products and services on a local basis has augmented our market leadership
position. We are positioned to offer our customers much more in terms
of global resources, which allows us to deliver innovative products and applica-
tion experiences around the world. Our ability to transfer technology is
supported by a worldwide management information system that assists our
customers in benchmarking performance and provides a system-wide sharing
of operational best practices.

                                                                                      (Left and inset)
                                                                                      Filztuchfabrik D.
                                                                                      Geschmay GmbH (WFG),
                                                                                      located in Göppingen,
                                                                                      Germany, is housed in a
                                                                                      modern 45,000-square-
                                                                                      meter (485,000 square
                                                                                      feet) plant with state-
                                                                                      of-the-art manufacturing
                                                                                      equipment. WFG
                                                                                      manufactures press
                                                                                      and dryer fabrics.

                                                       Consolidating Resources
                                                   to Form a Stronger Company
                         The acquisition of Geschmay adds depth to Albany International and
                      creates additional value for our customers. When two quality companies share
                      people, equipment, and technology, a synergy is created that multiplies their
                         Following the completion of the Geschmay acquisition, we engaged
                      PricewaterhouseCoopers (PwC) to assist us in quantifying synergistic
                      opportunities and in developing our integration scenarios. Transition teams


        “When two
quality companies
     share people,
  equipment, and
      a synergy is
      created that
  their strength.”

were formed to develop detailed plans for each opportunity identified, using
PwC’s Accelerated Transition Methodology. The integration process is on
schedule and will be complete by the end of 2000.
   As part of the integration with Geschmay, we reviewed our present and
anticipated capacity requirements, which resulted in the decision to close several
plants. Other changes will follow that will enable us to operate our businesses in
a more cost-effective and efficient manner.
   We are aware of and sensitive to the impact these changes will have on the
lives of individuals and communities. We will continue to communicate to
employees our strategic initiatives as decisions are made during this transition.

                                                                                     (Inset above) Feltrificio
                                                                                     Veneto S.p.A.’s 24,500-
                                                                                     square-meter (264,000
                                                                                     square feet) plant located
                                                                                     near Venice, Italy,
                                                                                     manufactures press and
                                                                                     dryer fabrics as well
                                                                                     as industrial fabrics.
                                                                                     (Left) Geschmay’s modern
                                                                                     (505,000 square feet)
                                                                                     plant in Greenville, South
                                                                                     Carolina, produces a
                                                                                     complete line of forming,
                                                                                     pressing, and dryer fabrics.

                                        Reshaping Customer Service Teams
                       Our employees share a dedication for their work, whether that involves
                     developing a breakthrough product, arriving at a technical solution to a mill’s
                     problem, designing customized fabrics, or interacting with our customers.
                        In today’s business environment, we need to be more responsive to
                     customers’ needs. This past year, customers requested a more focused and
                     streamlined sales and service team. They wanted to see fewer people while
                     maintaining the ability to discuss specific technical and production problems


       “In today’s
       we need to
          be more
     responsive to

with qualified individuals. Consequently, we redefined our concept of customer
service and created a unified approach to sales and technical service.

    In addition to creating more focused sales and support teams, we broadened
our channels of communication by utilizing the Internet to provide customers
with individual partnership information. The Customer Forum link of our
secured Web site provides product profiles, a reference library, access to discus-
sion groups, a feedback mechanism, and personalized data on a mill’s fabric
records and value documentation.

                                                                                                (Inset above) Mill
                                                                                                personnel work
                                                                                                side-by-side with
                                                                                     Albany field support. (Left)
                                                                                     The Albany field service
                                                                                     team takes responsibility
                                                                                     for its role in the operating
                                                                                     needs of this paper mill.
                                                                                     (Inset below) Using
                                                                                     Web-based support in
                                                                                     the Customer Forum,
                                                                                     www.albint.com is
                                                                                     redefining customer

                                                          Pioneering Products for
                                                         Tomorrow’s Technologies
                     Behind the talented people who represent Albany International are the
                   innovative products that have helped shape papermaking history for more than
                   100 years. This past year, we remained true to our focus of developing improved
                   products that solve customer mill problems.
                     We continued our innovative approach to product development and
                   manufacturing, creating fabrics that increase efficiency and reliability, enabling
                   papermakers to make a superior product at higher speeds with improved
                   quality. Our global restructuring furthers this goal by expanding our research
                   network to include Geschmay, which will complement our primary research
                   centers in Mansfield, Massachusetts, and Halmstad, Sweden.
                     New products such as PrintexTM forming fabrics enable publication grade man-
                   ufacturers to provide improved printability for their customers. SeamTech® press


   research is a
   major factor
  in developing
 new products.”

fabrics provide greater water removal capability, faster installation, and important
safety advantages. AperTechTM apertured press fabrics combine textile and non-
woven technology and may revolutionize the design of press fabrics for the
future. AERO2000TM dryer fabrics combine an aerodynamic structure, high-sur-
face contact, and contamination resistance – all demands of the fastest paper
machines in the world. Ventabelt® grooved shoe press belts are the belts of choice
on demanding shoe press positions.
  These and similar product innovations are the lifeblood of our company.
Several of these technology breakthroughs have been accelerated by technical
cooperation with Valmet, the Finnish paper machine builder, enhancing future
paper machine technology.
   Materials research is a major factor in developing new products. At Albany
International, we are pioneering products today, built from new materials,
composite structures, and new assembly components, such as membranes, to
solve tomorrow’s challenges.

                                                                                                       (Left and inset
                                                                                                       above) Our
                                                                                                       plant in
                                                                                       Homer, New York, develops
                                                                                       and supplies monofilament
                                                                                       fiber to Albany manufactur-
                                                                                       ing units. Working closely
                                                                                       with our primary research
                                                                                       centers, this plant makes
                                                                                       materials development its
                                                                                       highest priority and has
                                                                                       pioneered new monofilament
                                                                                       constructions for both the
                                                                                       paper and other process
                                                                                       industries. (Inset below)
                                                                                       Woven monofilament
                                                                                       fabric depicted in a three-
                                                                                       dimensional model.

                                              Enhancing Shareholder Value
                         We undertook a number of initiatives in 1999 to improve our intermediate
                       and long-term prospects to enhance shareholder value.
                          The acquisition of the Geschmay group of companies reinforces
                       Albany’s strong leadership position in our core paper machine clothing
                       business. Our share of the world PMC market increased from 24 percent
                       to approximately 30 percent.
                          Albany’s product technology leadership was enhanced by the acquisition
                       of several excellent complementary product offerings from Geschmay,
                       COFPA, and Veneto. The geographic fit of the merged businesses enables
                       us to improve our market position in Western Europe, particularly in
                       Germany and Italy.


    “We undertook
        a number of
initiatives in 1999
     to improve our
  intermediate and
long-term prospects
         to enhance
 shareholder value.”

   We expect to improve cash flow as a result of the Geschmay acquisition
and our cost-reduction efforts. We have broadened our product lines and
consolidated operations into fewer locations, which will improve efficiency
and reduce manufacturing costs. Reductions in selling, technical, general,
and administrative expenses are also underway and will be complete by the end
of 2000. Capital expenditures, as compared to preacquisition levels,
will be reduced for the combined companies.
   Beyond our core business, we are seeking to further enhance shareholder
value by increasing our revenue streams and cash flow from a broader
customer base. We have been successful in growing our High Performance
Door, PrimaLoft®, Engineered Products, and Advanced Thermal Protection
System businesses. Our prospects for future growth in all of these businesses are
encouraging and should improve profits and cash flow.

                                                                                    (Left): Albany
                                                                                    Techniweave is a
                                                                                    leader in developing new
                                                                                    materials that solve
                                                                                    problems in industrial,
                                                                                    medical, recreational, and
                                                                                    aerospace applications.
                                                                                    Here, Techniweave’s
                                                                                    engine containment system
                                                                                    is a high-tech solution
                                                                                    to help minimize the
                                                                                    effects of jet engine
                                                                                    turbine failure.
                                                                                    (Inset below): Albany
                                                                                    International Research
                                                                                    Co. supplies custom insu-
                                                                                    lating products for reentry
                                                                                    protection to NASA’s
                                                                                    space shuttle program.

                                                           Strategic Diversification
                        Our research efforts have led to the development of technologies for non-
                      papermaking applications that offer growth opportunities in new industries
                      and new markets.
                         Our High Performance Door business is the global leader in high-
                      performance, high-speed overhead doors. These products were developed
                      from our strong technology background in fabric structures and coatings.
                         Weaving and materials expertise supplied by Albany International
                      Techniweave is used in demanding industrial, medical, recreational, and
                      aerospace applications.
                        NASA selected the thermal protection expertise of our Advanced Thermal
                      Protection Systems team to provide reentry protection for the Space Shuttle.


     “Our research
       efforts have
         led to the
   development of
 that offer growth
 in new industries
 and new markets.”

   Our High Performance Materials business focuses on the needs of high
temperature industrial applications and markets Pyropel® material to the plastics,
rubber, petrochemical, and automotive industries to provide thermal protection
for machine tools and processes.
   Albany’s Engineered Products are used in the manufacturing process for non-
wovens in medical, personal care, environmental, and construction applications.
   Our Industrial Fabrics & Filters business provides solutions to critical
environmental challenges with advanced wet and dry filtration products for
industrial processes.
   Expertise in microfibers led us to the development of PrimaLoft ® insulation,
the luxury down alternative used in outerwear and bedding applications.
   Albany International is one of the leading manufacturers of process belts used
in a variety of industrial applications, including corrugated box production and
the tannery and other process industries.

                                                                                                    (Left): PrimaLoft
                                                                                                    is the preferred
                                                                                                    alternative to
                                                                                                    down and is used
                                                                                                    by customers
                                                                                                    to produce high-
                                                                                                    quality outerwear
                                                                                                    and luxurious,
                                                                                                    (Insets, above):
                                                                                                    (1) Albany
                                                                                                    Model 355
                  1                                             2                                   Rapid Roll TM
                                                                                                    Door provides all
                                                                                     of the benefits of speed and
                                                                                     ruggedness, with patented see-
                                                                                     through visibility for safety. (2)
                                                                                     The Model 670 High
                                                                                     Performance Roll-up Door
                                                                                     operates at speeds up to 8.3 feet
                                                                                     per second, using solid- state
                                                                                            (Inset, below): The
                                                                                            alumina refining
                                                                                            industry is an important
                                                                                            segment of Albany
                                                                                            International’s wet and
                                                                                            dry filtration market.
                                                                                            Here, an alumina mill
                                                                                            in Australia.

                                                     The Modern Paper Machine
                       Over the years papermaking has evolved into a sophisticated, highly
               technological process utilizing high-speed, high-temperature paper machines.
               Albany International supplies the world paper industry with paper machine
               clothing, custom-engineered fabrics used to produce all grades of paper from
               lightweight sanitary tissue to heavyweight containerboard.

               A sheet of paper begins in the forming section, where a dilute slurry of 99 percent
               water and 1 percent cellulose is introduced evenly across a forming fabric. As the
               fabric moves, water drains through it while the fibers and fillers that form the
               sheet remain on top. The multilayer forming fabric technology offered by Albany
               International is the standard on world-class, high-speed paper machines.
               In the press section, additional water is removed from the newly formed sheet.
               Press efficiency is critical, and Albany’s innovative SeamTech® press fabrics and
               Dynatex® multiaxial fabrics, as well as the recently introduced AperTechTM
               fabrics, result in outstanding sheet improvements and provide installation and
               performance benefits.
               In the dryer section, the sheet travels around large-diameter heated cylinders,
               where the balance of the water is removed by evaporation. Dryer fabrics must
               be rugged and extremely heat-resistant; Albany International leads the industry
               in the design and application of dryer products, including pin seam and heat-
               resistant fabrics.
               PROCESS BELTS
               Many new and rebuilt paper machines feature shoe press technology to increase
               dryness and enhance sheet qualities. Albany International developed the first
               shoe press belts in response to the need to remove water at higher speeds. Today,
               new belting products, including Transbelt® sheet transfer belts and GlossbeltTM
               shoe press calender belts, provide patented technology improvements.

     FORMING   PRESSING                 DRYING

                   Simulated paper machine of the 21st century
                                                                  PROCESS BELTS
18                 with Albany International fabrics and belts.

Corporate Office              Albany Nordiskafilt A.B.          Albany International Canada, Inc.
Albany, New York              Halmstad, Sweden (2)              Cowansville, Quebec (2)
                                                                Perth, Ontario
Research Co.                  Albany Fennofelt Oy
                              Helsinki, Finland                 Albany International Pty. Ltd.
Mansfield, Massachusetts
                              Järvenpää, Finland                Gosford, N.S.W., Australia
Forming Fabrics
Menasha, Wisconsin            Albany Metco Form Oy              Albany International
Montgomery, Alabama           Espoo, Finland                    Feltros e Telas Industriais Ltda.
Portland, Tennessee                                             Indaial, Brazil
                              Albany International Ltd.
Press Fabrics                 James Kenyon                      Albany International S.A. de C.V.
East Greenbush, New York      Bury, Lancashire, England         Cuautitlán, Mexico
St. Stephen, South Carolina
                              Albany International B.V.         Albany International (China) Co., Ltd.
Dryer Fabrics                 Dieren, Netherlands (2)           Panyu City, Guangdong, China
Menands, New York
Greenville, South Carolina
                              Albany International S.A.         Albany International Korea, Inc.
                              Ribérac, France                   Chungju, Korea
Geschmay Corp.
Greenville, South Carolina
                              Albany International              High Performance Doors
                              Martel Catala S.A.                Halmstad, Sweden
Process Belts                 Sélestat, France                  Lawrenceville, Georgia
Tumwater, Washington                                            Lippstadt, Germany
                              Württembergische Filztuchfabrik   Gosford, N.S.W., Australia
Engineered Products           D. Geschmay GmbH                  Barrie, Ontario, Canada
Appleton, Wisconsin           Göppingen,Germany                 Surwold, Germany
Portland, Tennessee
Rochester, New Hampshire      COFPA S.A.                        Associated Company
                              Angoulême, France
Monofilament Plant            St. Junien, France                Beier Albany & Co.
Homer, New York                                                 Pinetown, South Africa
                              Feltrificio Veneto S.p.A.
                              Marghera – Venezia, Italy         (2) indicates two plants at the location
                              Lodi, Italy

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