{"id":26226,"date":"2012-05-02T13:09:00","date_gmt":"2012-05-02T13:09:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/albany-international-ain-to-sell-its-primaloft-products-business\/26226\/"},"modified":"2012-05-02T13:09:00","modified_gmt":"2012-05-02T13:09:00","slug":"albany-international-ain-to-sell-its-primaloft-products-business","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/albany-international-ain-to-sell-its-primaloft-products-business\/26226\/","title":{"rendered":"Albany International &#8211; AIN &#8211; To sell its PrimaLoft Products Business"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2012\/05\/Albany.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-26244\" title=\"Albany\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2012\/05\/Albany.png\" alt=\"\" width=\"181\" height=\"69\"><\/a>Albany International Corp. (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=AIN\">NYSE:AIN<\/a>)<\/strong> announced today that it had agreed to sell its PrimaLoft<sup>\u00ae <\/sup>Products (&#8220;PrimaLoft<sup>\u00ae<\/sup>&#8220;) business to PrimaLoft<sup>\u00ae<\/sup>, Inc., a company newly formed by the current PrimaLoft management team, in partnership with Prudential Capital Partners L.P. , for $38 million, subject to customary post-closing adjustments. PrimaLoft<sup>\u00ae<\/sup> is the world leader in synthetic insulations and yarns used in outdoor and fashion brands, home furnishings, work wear, and military applications.<\/p>\n<p>Under the terms of the agreement, the Buyer will acquire all assets related to the PrimaLoft<sup>\u00ae<\/sup> business. The Company&#8217;s Board of Directors unanimously approved the terms of the agreement.<\/p>\n<p>AIN 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.<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>President and CEO Joseph G. Morone commented, &#8220;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 \u2018cash and grow&#8217; 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<sup>\u00ae <\/sup>Products, who have so successfully grown and positioned PrimaLoft<sup>\u00ae<\/sup> 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+ years.&#8221;<\/p>\n<p>&#8220;We have a long-standing relationship with Albany International and know the PrimaLoft<sup>\u00ae <\/sup>business well,&#8221; says Eric Seward, vice president, Prudential Capital Group. &#8220;PrimaLoft<sup>\u00ae<\/sup> has a tremendous reputation in the marketplace, and we are thrilled to back the management team in this transaction.&#8221;<\/p>\n<p><strong><span style=\"text-decoration: underline;\">About Albany International Corp<\/span><\/strong>. <strong>&#8211; AIN<\/strong><\/p>\n<p>Albany International (AIN) is a global advanced textiles and materials processing company, with two core businesses. Machine Clothing is the world&#8217;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.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">About Prudential Capital Group<\/span><\/strong><\/p>\n<p>Prudential Capital Group is an investment business of Prudential Financial Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: 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.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gildan-activewear-gil-to-acquire-100-of-the-common-shares-of-anvil-holdings\/26338\"><br \/>\nGildan Activewear &#8211; GIL &#8211; To acquire 100% of the common shares of Anvil Holdings<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/kensey-nash-corporation-knsy-dsm-has-agreed-to-acquire-all-of-the-common-stock-of-kensey-nash\/26337\"><br \/>\nKensey Nash Corporation &#8211; KNSY &#8211; DSM has agreed to acquire all of the common stock of Kensey Nash<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/johnson-johnson-china-investment-ltd-jnj-acquired-guangzhou-bioseal-biotech\/26336\"><br \/>\nJohnson &amp; Johnson (China) Investment Ltd. &#8211; JNJ &#8211; Acquired Guangzhou Bioseal Biotech<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/cimarex-energy-xec-reports-first-quarter-2012-results\/26335\"><br \/>\nCimarex Energy &#8211; XEC &#8211; Reports First-Quarter 2012 Results<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/western-refining-wnr-pleased-with-first-quarter-results-and-the-positive-momentum\/26334\"><br \/>\nWestern Refining &#8211; WNR &#8211; Pleased with first quarter results and the positive momentum<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/swift-energy-company-sfy-focused-on-improving-operational-efficiencies-and-reducing-costs\/26333\"><br \/>\nSwift Energy Company &#8211; SFY &#8211; Focused on improving operational efficiencies and reducing costs<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/equity-one-eqy-pleased-with-the-operating-performance-of-core-business\/26332\"><br \/>\nEquity One &#8211; EQY &#8211; Pleased with the operating performance of core business<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Albany International Corp. (NYSE:AIN) announced today that it had agreed to sell its PrimaLoft\u00ae Products (&#8220;PrimaLoft\u00ae&#8220;) business to PrimaLoft\u00ae, Inc., [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[3],"tags":[897],"class_list":["post-26226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-gain"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/26226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=26226"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/26226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=26226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=26226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=26226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}