• Like Hexcel for aerospace composites, and a specialized 3M for critical industrial fabrics.

• Paper Machine Clothing: Fabrics and belts designed for the manufacturing of papers, paperboards, tissues, and towels.
• Process Belts: Specialized belts used in industrial applications such as nonwovens and fiber cement manufacturing.
• Engineered Fabrics: Customized fabrics for a range of industrial applications.
• Aerospace Composite Components: Advanced 3D-woven, injected, airframe, and engine components for military and commercial aircraft.

Albany International (AIN) sells primarily to other companies.

Its major customers and customer categories are:

• For its **Albany Engineered Composites (AEC)** segment, which produces composite components for aircraft engines and airframes:

  • General Electric Company (NYSE: GE)

  • Safran S.A. (OTC: SAFRY, Euronext Paris: SAF)

• For its **Machine Clothing (MC)** segment, which manufactures paper machine clothing and process belts for various industrial applications, there isn't a single customer accounting for more than 10% of segment sales. Its customer base consists of a wide range of companies in the following industries:

  • Producers of paper, paperboard, tissue, and toweling.

  • Manufacturers of nonwovens.

  • Companies in other industrial applications such as fiber cement and building products.

Gunnar Kleveland, President and Chief Executive Officer

Gunnar Kleveland joined Albany International in 2023, serving as President and Chief Executive Officer since September 2023. Prior to his current role, Mr. Kleveland was the President and Chief Executive Officer of Textron Specialized Vehicles Inc. He also held positions as President of TRU Simulation + Training Inc. and Executive Vice President of Integrated Operations for Bell Helicopter Textron Inc. He joined Textron in 2004.

Will Station, Executive Vice President and Chief Financial Officer

Will Station joined Albany International as Chief Financial Officer in 2025, bringing over 20 years of experience in financial strategy and operational leadership in the aerospace and medical industries. His appointment as Executive Vice President and Chief Financial Officer was effective September 1, 2025, succeeding Jairaj (JC) Chetnani, who served as interim CFO. Most recently, he served as Senior Vice President of Primary Care Sales for McKesson Medical-Surgical, a McKesson Corporation subsidiary, where he was also previously the Chief Financial Officer and Senior Vice President of Finance for the subsidiary. Mr. Station's career also includes 16 years at The Boeing Company, from 2005 to 2021, where he held various senior finance roles, including 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. He has served as Senior Vice President - General Counsel and Secretary since May 2020, and previously as Associate General Counsel from 2004 and Associate General Counsel and Assistant Secretary from 2006 to May 2020. Before joining the company, 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. He has served as Senior Vice President and Chief Technology Officer since January 2010. Prior to this, he was 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. From 2000 to 2004, he was Technical Director – Göppingen, Germany.

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 (A&D) industry and extensive leadership experience in public companies, focusing on manufacturing, supply chain management, business operations, and organizational transformation. Most recently, he served as Vice President & Chief Supply Chain Officer at Lockheed Martin Corporation from 2021 to 2024. Before 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, including Textron Marine & Land System and Bell Helicopter, from 2005 to 2018.

Key Risks to Albany International (AIN):

1. Dependence on the Cyclical Aerospace Industry and Major Aircraft Programs: Albany International's Albany Engineered Composites (AEC) segment manufactures critical components for military and commercial aircraft. This segment is highly reliant on the health and cyclical nature of the global aerospace industry, as well as the success, funding, and production rates of specific aircraft programs. Downturns in commercial air travel, shifts in defense spending, or significant delays or cancellations of major aircraft development and production programs could severely impact demand for AEC's specialized composite components and, consequently, Albany International's financial performance.

2. Potential for Long-Term Decline in Traditional Paper Markets: The Machine Clothing (MC) segment designs, manufactures, and markets fabrics and belts primarily for the production of papers, paperboards, tissues, and towels. While some of these markets (like tissue and packaging) may be stable or growing, a broader, long-term decline in demand for traditional printing and writing papers could exert ongoing pressure on the MC segment, impacting sales volumes and pricing for its products.

3. Exposure to Raw Material Price Volatility and Supply Chain Disruptions: As a manufacturer operating globally across multiple countries, Albany International is susceptible to fluctuations in the cost and availability of raw materials essential for both its Machine Clothing and Albany Engineered Composites segments. Additionally, disruptions to global supply chains, whether due to geopolitical events, natural disasters, or logistical challenges, could impede production, increase operating costs, and impact the company's ability to deliver products to customers in a timely manner.

1. Accelerated shift to digital alternatives for information and communication

The Machine Clothing (MC) segment designs and manufactures paper machine clothing for use in the manufacturing of papers. While paperboard, tissue, and towel production may remain stable or grow, the demand for traditional printing and writing papers continues to decline due to the ongoing and accelerating adoption of digital platforms, e-readers, cloud storage, and electronic communication tools. This continuous shift away from physical paper directly impacts the market size for the paper machine clothing used in their production, posing an emerging threat to a portion of this segment's business.

2. Emergence and increasing adoption of additive manufacturing (3D printing) for aerospace components

The Albany Engineered Composites (AEC) segment specializes in 3D-woven and injected composite components for aircraft engines and airframes. Additive manufacturing, or 3D printing, is an emerging technology that is seeing increased adoption within the aerospace industry for producing complex, lightweight, and high-performance parts, including those for engines and airframes. This technology offers an alternative method for manufacturing components that could potentially compete with or displace some of Albany International's traditional composite manufacturing processes for certain applications, presenting a clear emerging technological threat.

Albany International Corp. (AIN) operates in two main segments: Machine Clothing (MC) and Albany Engineered Composites (AEC), serving distinct global markets.

Machine Clothing (MC)

The global addressable market for Paper Machine Clothing (PMC), which is the primary product of Albany International's MC segment, was valued at approximately USD 5.5 billion in 2023 and is projected to reach around USD 7.8 billion by 2032, growing at a CAGR of 4.1% during the forecast period. Other estimates place the global paper machine clothing market at USD 1.6 billion in 2023, expected to grow to USD 2.0 billion by 2030 with a CAGR of 2.3% during 2024-2030. Another source estimates the global PMC market size in 2025 to be USD 2737.5 million, with projections to grow to USD 4016.6 million by 2034 at a CAGR of 4.35%. Albany International is a recognized market leader in this sector, holding an estimated 30% to 35% global market share.

Albany Engineered Composites (AEC)

The Albany Engineered Composites (AEC) segment targets the rapidly expanding aerospace composites market. The global aerospace composites market was valued at USD 29.4 billion in 2024 and is estimated to grow at a CAGR of 12.8% from 2025 to 2034, reaching USD 96.6 billion by 2034. Other reports indicate the global aerospace composite market size was approximately USD 37.31 billion in 2024 and is projected to increase to around USD 109.11 billion by 2034, with a CAGR of 11.33% from 2025 to 2034. North America held a dominant share of this market in 2024. Another projection indicates the aerospace composites market is expected to reach USD 53.4 billion by 2030, up from USD 30.3 billion in 2025, at a CAGR of 12.0% from 2025 to 2030.

For Albany International (AIN), expected drivers of future revenue growth over the next 2-3 years include:

1. Growth in Albany Engineered Composites (AEC) Aerospace Programs: The company anticipates continued revenue expansion from its Engineered Composites segment, driven by the ramping up of multiple programs, particularly those related to the LEAP engine. Demand for narrow-body aircraft like the A320NEO and 737 MAX is expected to rise, favorably positioning AEC as a key supplier of advanced composite parts, including exclusive LEAP engine fan blades and cases. This segment also benefits from a strong backlog and growth in higher-margin aerospace programs.
2. Expansion of AEC's Differentiated Technologies into New Applications: Albany International plans to leverage its proprietary and differentiated technologies, such as 3D weaving, braiding, winding, and resin transfer molding. These capabilities are being applied to various end markets beyond traditional aerospace, including engines, space, missiles, ceramic matrix composites, and titanium replacement, creating high-growth opportunities.
3. Strategic Portfolio Optimization within Aerospace: The company is undertaking a strategic review of its structures assembly business and its associated production site in Salt Lake City. This initiative aims to align the remaining Aerospace portfolio more closely with strategic priorities, allowing Albany International to pursue growth opportunities where its differentiated technologies offer a clear competitive advantage and stronger returns.
4. Exploration of New Markets and Applications in Machine Clothing (MC): While the Machine Clothing segment provides long-term stability driven by factors like a growing middle class and increasing demand for e-commerce, sustainability, and renewable paper products, the company is also actively exploring new markets and industrial applications for its engineered fabrics and process belts, leveraging its existing technologies.

Share Repurchases

• In the fourth quarter of 2024, Albany International re-initiated its share repurchase program, repurchasing $15 million of shares.
• In the fourth quarter of 2025, the company repurchased $16.8 million of common stock.
• As of February 24, 2026, Albany International completed the repurchase of 2,682,859 shares for $173.36 million under a program announced on February 26, 2025. The Board also authorized a new share repurchase program of up to $250 million in Q4 2024, superseding the prior program.

Share Issuance

• A US$57.96 million shelf registration for an ESOP-related offering was filed in late February 2026.

Outbound Investments

• The company completed the Heimbach acquisition, which contributed to its revenues in 2024 and 2025, with integration reported to be on track as of October 2024.

Capital Expenditures

• Albany International's capital expenditures were $22.7 million in the fourth quarter of 2025 and approximately $72 million for the full year 2025.
• Expected capital expenditures were in the range of $85 million to $95 million for the full year 2025 and $90 million to $95 million for the full year 2024.
• These capital expenditures were primarily focused on facility optimization, customer program investments, innovation, and advanced manufacturing capabilities across both the Machine Clothing and Engineered Composites segments.