Albany International Corp. (NYSE:AIN) announced today that it had agreed
to sell its PrimaLoft® Products ("PrimaLoft®")
business to PrimaLoft®, Inc., a company newly formed by the
current PrimaLoft management team, in partnership with Prudential
Capital Partners L.P. (“the Buyer”), for $38 million, subject to
customary post-closing adjustments. PrimaLoft® is the world
leader in synthetic insulations and yarns used in outdoor and fashion
brands, home furnishings, work wear, and military applications.
Under the terms of the agreement, the Buyer will acquire all assets
related to the PrimaLoft® business. The Company’s Board of
Directors unanimously approved the terms of the agreement.
The transaction is subject to customary closing conditions and is
expected to close by the end of the second quarter of 2012.
The Company intends to use the net proceeds from the transaction to
continue to strengthen the balance sheet. Additional details will be
included in the second-quarter earnings release.
President and CEO Joseph G. Morone commented, “This transaction,
following the sale of Albany Door Systems and the integration of Paper
Machine Clothing and Engineered Fabrics earlier this year, completes our
efforts to simplify our ‘cash and grow’ corporate strategy and
structure. The combination of the cash generation potential of Machine
Clothing, the growth potential of Albany Engineered Composites, and a
strong balance sheet leaves Albany well positioned for both the near and
long term. For our friends and colleagues at PrimaLoft® Products,
who have so successfully grown and positioned PrimaLoft® as a
leading global brand, they will have the opportunity to continue to grow
with the support of Prudential, while building on the strong foundation
they established as a part of Albany International over the last 20+
“We have a long-standing relationship with Albany International and know
the PrimaLoft® business well,” says Eric Seward, vice
president, Prudential Capital Group. “PrimaLoft® has a
tremendous reputation in the marketplace, and we are thrilled to back
the management team in this transaction.”
About Albany International Corp.
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. In addition, the
Company’s PrimaLoft® Products is a supplier of
high-performance insulation materials for outerwear and home
furnishings. Albany International is headquartered in Rochester, New
Hampshire, operates 18 plants in 11 countries, employs 4,300 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.
About Prudential Capital Group
Prudential Capital Group is an investment business of Prudential
Financial Inc. (NYSE: PRU), and has been a leading provider of corporate
and project finance to companies worldwide for more than 70 years.
Managing a portfolio of $59.2 billion as of December 31, 2011,
Prudential Capital offers senior debt and mezzanine capital, leverage
leases, credit tenant leases, and equipment finance to companies,
worldwide. The global regional office network has locations in Atlanta,
Chicago, Dallas, Frankfurt, London, Los Angeles, Minneapolis, Newark,
N.J., New York, Paris and San Francisco. For more information, please