Albany International Corp., together with its subsidiaries, engages in the textile and materials processing business. The company operates in two segments, Machine Clothing (MC) and Albany Engineered Composites (AEC). The MC segment designs, manufactures, and markets paper machine clothing for use in the manufacturing of papers, paperboards, tissues, and towels. This segment offers forming, pressing, and drying fabrics, as well as process belts used in the manufacture of nonwovens, fiber cement and several other industrial applications; and engineered fabrics. The AEC segment 3D-woven and injected composite components for aircraft engines composite airframe and engine components for military and commercial aircraft. It operates in the United States, Switzerland, Brazil, China, France, Mexico, and internationally. Albany International Corp. was incorporated in 1895 and is headquartered in Rochester, New Hampshire.
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Here are 1-2 brief analogies to describe Albany International (AIN):
- **3M (MMM) for industrial fabrics and belts,** providing essential engineered materials for manufacturing processes like paper production.
- **Honeywell (HON) for advanced aerospace composite parts,** developing lightweight, high-performance structures for aircraft and launch vehicles.
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- Machine Clothing Fabrics: High-performance, custom-designed fabrics essential for various industrial processes, primarily papermaking.
- Aerospace Composite Structures: Advanced composite components and assemblies used in commercial and military aircraft and other high-performance applications.
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Albany International (AIN) - Major Customers
Albany International (AIN) primarily sells its advanced textiles and materials processing solutions to other companies (B2B) across two main business segments: Albany Engineered Composites (AEC) and Machine Clothing (MC).
For its **Albany Engineered Composites (AEC)** segment, which designs and manufactures advanced composite structures for aircraft programs, Albany International explicitly identifies major customers due to the concentrated nature of the aerospace and defense industry. These include:
- Lockheed Martin Corporation (NYSE: LMT) - Prime contractor for the F-35 Joint Strike Fighter program, for which AIN is a sole-source supplier for selected components.
- General Electric Company (NYSE: GE) - Specifically, GE Aerospace, as part of CFM International (a joint venture with Safran S. A.), for the LEAP aircraft engine program, where AIN is a sole-source supplier for certain components.
- Safran S. A. (Euronext Paris: SAF) - As part of CFM International (a joint venture with General Electric Company), for the LEAP aircraft engine program, where AIN is a sole-source supplier for certain components.
For its **Machine Clothing (MC)** segment, which manufactures custom-designed fabrics essential to industrial processes, Albany International serves a broad and diverse global customer base. These customers are primarily manufacturers of paper, paperboard, tissue, nonwovens, and other industrial applications. While this segment is significant, Albany International does not disclose specific major customer companies by name in its public filings, indicating a highly fragmented customer landscape rather than reliance on a few dominant individual clients for this segment.
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Gunnar Kleveland, President and Chief Executive Officer
Gunnar Kleveland joined Albany International in 2023, becoming President and Chief Executive Officer in September 2023. Prior to his role at Albany International, he served as President and CEO of Textron Specialized Vehicles Inc., where he was instrumental in developing and executing a strategy leveraging expertise in electric drivetrains and lithium-ion battery technology. He also held the position of President of TRU Simulation + Training Inc. and Executive Vice President of Integrated Operations for Bell Helicopter Textron Inc. Before his career at Textron, which began in 2004, Mr. Kleveland was a fighter pilot in the Royal Norwegian Air Force for 15 years, finishing as the Chief of Flight Safety.
Will Station, Chief Financial Officer
Will Station joined Albany International in 2025 as Chief Financial Officer. He brings over two decades of experience in financial strategy and operational leadership within the aerospace and medical industries. Most recently, from April 2024, he was Senior Vice President of Primary Care Sales for McKesson Medical-Surgical, a McKesson Corporation subsidiary, where he previously served as Chief Financial Officer and Senior Vice President of Finance. His career also includes 16 years at The Boeing Company (from 2005 to 2021), holding increasingly senior finance roles such as Vice President and Chief Financial Officer of Commercial Derivatives Airplanes and Director of Financial Operations for Boeing Commercial Airplanes.
Joseph M. Gaug, Senior Vice President, General Counsel and Secretary
Joseph M. Gaug joined Albany International in 2004 and has served as Senior Vice President - General Counsel and Secretary since May 2020. His previous roles within the company include Associate General Counsel from 2004 and Associate General Counsel and Assistant Secretary from 2006 to May 2020. Before joining Albany International, Mr. Gaug was a principal at McNamee, Lochner, Titus & Williams, PC.
Robert A. Hansen, Senior Vice President and Chief Technology Officer
Robert A. Hansen has been with Albany International since 1981 and has held the title of Senior Vice President and Chief Technology Officer since January 2010. His extensive career at the company includes serving as Vice President – Corporate Research and Development from April 2006 to January 2010, and Director of Technical and Marketing – Europe Press Fabrics from 2004 to April 2006. Prior to 2000, he held various technical management and research and development positions across Europe and the U.S. within the company.
Christopher Stone, President, Albany Engineered Composites
Christopher Stone joined Albany International in 2024 as President – Albany Engineered Composites. He brings a deep knowledge of the Aerospace & Defense industry and broad experience in leadership positions at public companies, with a focus on manufacturing and supply chain management, business operations, production control, logistics, and organizational transformation. Most recently, he served as Vice President & Chief Supply Chain Officer at Lockheed Martin Corporation from 2021 to 2024. Prior to Lockheed Martin, he was Vice President – Supply Chain & Material Management at Aerojet Rocketdyne from 2018 to 2021 and held various management positions at Textron companies from 2005 to 2018.
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Albany International (symbol: AIN) operates in two main business segments: Machine Clothing and Albany Engineered Composites.
The addressable markets for their main products and services are as follows:
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Machine Clothing (MC): This segment produces custom-designed fabrics and process belts primarily for the paper, nonwovens, and other process industries. Albany International holds approximately 30% of the global paper machine clothing (PMC) market. Based on their 2023 revenue of $666.1 million for this segment, the estimated global addressable market for Machine Clothing products is approximately $2.22 billion (global).
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Albany Engineered Composites (AEC): This segment designs and manufactures advanced materials-based engineered components for demanding aerospace applications. The global aerospace composites market, which is the primary addressable market for AEC, is projected to reach $31.7 billion by 2027 (global).
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Albany International (AIN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its Machine Clothing and Albany Engineered Composites segments:
- Growth in Packaging and Tissue Grade Products: The Machine Clothing segment anticipates revenue growth from increased demand in packaging and tissue grade products, particularly in the European market. This growth is expected to offset declines in publication grade paper, leveraging AIN's established reputation and manufacturing capabilities.
- Continued Strength and Expansion of the LEAP Program: In the Albany Engineered Composites (AEC) segment, higher volumes from the LEAP aircraft engine program are a significant driver of revenue growth. The LEAP program has consistently contributed to AEC's performance.
- Expansion into Next-Generation Defense and Aerospace Platforms: Albany Engineered Composites is focusing on expanding its opportunities in emerging areas such as hypersonics, missiles, and other next-generation defense platforms. This strategy leverages the company's proprietary 3D woven technology and advanced engineered components. The extension of programs like JASSM and LRASM with Lockheed Martin highlights this growth area.
- Strategic Portfolio Optimization in Engineered Composites: Albany International is undertaking a strategic review of its structures assembly business, including a potential sale of its Salt Lake City facility and the conclusion of the CH-53K and Gulfstream contracts. This move is designed to reduce future program risk and allows the company to sharpen its focus on higher-return opportunities and differentiated advanced composite technologies, ultimately positioning AIN for more sustainable and profitable growth.
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Share Repurchases
- A new $250 million share repurchase program was authorized in February 2025, superseding a prior program.
- Albany International repurchased $50.5 million of its common stock during the third quarter of 2025.
- In the fourth quarter of 2024, $15 million of shares were repurchased.
Outbound Investments
- In the third quarter of 2023, the company acquired Heimbach, a privately-held manufacturer of paper machine clothing, for net cash of $133.5 million.
Capital Expenditures
- Albany International anticipates capital expenditures in the range of $85 million to $95 million for the full year 2025.
- Capital expenditures totaled $84.4 million in 2023 and $96.3 million in 2022.
- Over the twelve months leading up to the third quarter of 2025, the company deployed $67.9 million in capital expenditures, focusing on footprint optimization and next-generation technologies.
