ALBANY INTERNATIONAL CORP. (NYSE:AIN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ALBANY INTERNATIONAL CORP. (NYSE:AIN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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On March 29, 2019, Albany International Corp. (the “Company”) announced that Stephen Nolan, former Chief Financial Officer for Esterline Technologies Corporation, has been named the Company’s Chief Financial Officer and Treasurer, effective April 1. Mr. Nolan succeeds John Cozzolino, who has served in a number of positions at the Company since 1994, and has been the Company’s CFO and Treasurer since 2011. Mr. Cozzolino has agreed to provide advisory assistance for a period of time as Mr. Nolan transitions into his new duties.

A copy of the Company’s press release, dated March 29, 2019, which sets forth other information required to be disclosed by this Item and is incorporated by reference herein, is attached as Exhibit 99.1.

A summary of Mr. Nolan’s employment agreement and material compensation terms, which is incorporated by reference herein, is attached as Exhibit 99.2.

A summary of the terms of the Company’s agreement with Mr. Cozzolino for advisory assistance, which is incorporated by reference herein, is attached as Exhibit 99.3.

Item 9.01 Exhibits

Exhibit 99.1 CFO announcement dated March 29, 2019.

Exhibit 99.2 Summary of Nolan compensation terms.

Exhibit 99.3 Summary of Cozzolino advisory assistance compensation terms.

ALBANY INTERNATIONAL CORP /DE/ Exhibit
EX-99.1 2 ablany8kex991_0401.htm   Exhibit 99.1   NEWS RELEASE     ALBANY INTERNATIONAL ANNOUNCES NEW CFO   Rochester,…
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About ALBANY INTERNATIONAL CORP. (NYSE:AIN)

Albany International Corp. is a textiles and materials processing company. The Company operates through two segments: Machine Clothing (MC) and Albany Engineered Composites (AEC). Its MC segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, nonwovens, fiber cement and various other industrial applications. The segment also supplies customized, consumable fabrics used in the manufacturing process in the pulp, corrugator, nonwovens, fiber cement, building products, and tannery and textile industries. Its AEC segment includes Albany Safran Composites, LLC (ASC), in which its customer SAFRAN Group owns interest and provides engineered, advanced composite structures based on its technology to customers in the aerospace and defense industries. The segment also designs, develops and manufactures advanced composite parts for aerospace and other applications, using a range of core technologies. It operates approximately 20 plants in over 10 countries.

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