Albany International Corporation ( AIN ) on Friday announced plans to discontinue manufacturing operations at its leased facility in Ballo, Italy, and transfer production to its Merone, Italy site, owned by its affiliate, Industrie Tessili Bresciane Srl.

The company has not yet determined the costs associated with this transition but will disclose them once consultations are concluded.

This restructuring aligns with Albany's broader strategy to streamline operations while continuing to serve its customer base effectively.

The decision, still subject to local law, will be implemented after consultations with employee representatives.

This move aims to optimize costs while aligning Albany's engineered fabrics manufacturing with local market demand and customer needs.

Also Read: What’s Going On With HSBC Stock Today?

Affected employees will be offered transfer opportunities or separation assistance.

Despite the changes, Albany remains committed to supporting local industries, with its Sales, Service & Application teams in Italy unaffected by the shift.

The company will release 2024 fourth-quarter results on Wednesday, February 26, after the market closes.

For FY24, the company sees revenue of $1.22 billion – $1.26 billion versus $1.243 billion estimate and adjusted EPS to $2.90 – $3.40 versus $3.16 billion estimate.

According to Benzinga Pro, AIN stock has lost over 9% in the past year.

Price Action: AIN shares are trading higher by 0.15% to $80.87 at last check Friday.

Read Next:

Tesla’s Vietnamese Rival VinFast’s Explosive Growth: 342% Surge In Q4 EV Deliveries Amid Ambitious 2025 Goals