<SEC-DOCUMENT>0000891092-13-009253.txt : 20131108
<SEC-HEADER>0000891092-13-009253.hdr.sgml : 20131108
<ACCEPTANCE-DATETIME>20131108140434
ACCESSION NUMBER:		0000891092-13-009253
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20131104
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20131108
DATE AS OF CHANGE:		20131108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALBANY INTERNATIONAL CORP /DE/
		CENTRAL INDEX KEY:			0000819793
		STANDARD INDUSTRIAL CLASSIFICATION:	BROADWOVEN FABRIC MILS, MAN MADE FIBER & SILK [2221]
		IRS NUMBER:				140462060
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0218

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10026
		FILM NUMBER:		131203921

	BUSINESS ADDRESS:	
		STREET 1:		1373 BROADWAY
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12204
		BUSINESS PHONE:		5184452200

	MAIL ADDRESS:	
		STREET 1:		1373 BROADWAY
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALBINT INC
		DATE OF NAME CHANGE:	19870924
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e56103_8k.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>U.S. SECURITIES AND EXCHANGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>PURSUANT TO SECTION 13
OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SECURITIES EXCHANGE ACT
OF 1934</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Date of Report: November
8, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Date of earliest event
reported)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>ALBANY INTERNATIONAL
CORP.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Exact name of registrant
as specified in its charter)</P>

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    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="color: black">Delaware</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="color: black">1-10026</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="color: black">14-0462060</FONT></TD></TR>
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        <P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="color: black">State or other jurisdiction</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="color: black">(Commission</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="color: black">(I.R.S. Employer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="color: black">of incorporation)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="color: black">File Number)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="color: black">Identification No.)</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">216 Airport Drive, Rochester, New Hampshire
03867</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(518) 445-2200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Address and telephone number
of the registrant's principal executive offices)</P>

<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed since
last report.)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">|_| Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">|_| Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">|_| Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">|_| Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13a-4(c))</P>

<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On May 15, 2013, Albany International Corp.
(&ldquo;Albany&rdquo;) reported that it had entered into a non-binding letter of intent with Safran S.A. (&ldquo;Safran&rdquo;)
to pursue a transaction in which Safran will purchase a 10% equity interest in a new Albany subsidiary, Albany Safran Composites,
LLC (&ldquo;ASC&rdquo;). Albany&rsquo;s subsidiary, Albany Engineered Composites, Inc. (&ldquo;AEC&rdquo;), has worked with Safran
and several of its affiliates for a number of years to develop and supply advanced composite parts and components for a number
of Safran applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On November 8, 2013, AEC and a subsidiary
of Safran, Safran Aerospace Composites, Inc. (&ldquo;SAC&rdquo;), entered into an Amended and Restated Limited Liability Company
Operating Agreement (the &ldquo;LLC Agreement&rdquo;) with ASC to effectuate that transaction. Under the terms of the LLC Agreement
and certain related agreements, AEC contributed to ASC all of the existing assets and operations of AEC currently dedicated to
the development and production of LEAP engine components for Safran, and SAC purchased a 10% equity interest in ASC for $28 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: black">Under the terms of
the LLC Agreement, subject to certain exceptions, ASC is now the exclusive supplier to Safran and its affiliates of advanced 3D-woven
composite parts for use in aircraft and rocket engines, thrust reversers and nacelles, and aircraft landing and braking systems
(the &ldquo;Safran Applications&rdquo;) and AEC, Safran and their respective affiliates (other than ASC) are prohibited from engaging
in the </FONT>design, development or manufacture of advanced 3D-woven composite parts for the Safran Applications<FONT STYLE="color: black">.
AEC remains free to develop and supply parts other than advanced 3D-woven composite parts for all aerospace applications, as well
as advanced 3D-woven composite parts for any aerospace applications that are not Safran Applications (such as airframe applications)
and any non-aerospace applications. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The business and affairs of ASC are managed
by a board of managers (the &ldquo;Board&rdquo;) currently consisting of four members, three of whom were designated by AEC and
one of whom was designated by SAC. Under the terms of the LLC Agreement, without the approval of the SAC-designated Board member,
ASC is prohibited from taking certain actions, including entering into certain material transactions (including a sale of ASC),
admitting a new member to ASC, entering into, amending or terminating, other than in the ordinary course, any agreements between
ASC and its non-subsidiary affiliates (including Albany), granting a third party, unaffiliated with ASC, the right to use for Safran
Applications certain intellectual property that is licensed or assigned to ASC, selling advanced 3D-woven composite parts (except
to Safran and its affiliates), and making certain distributions of cash or other assets to ASC&rsquo;s members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the terms of the LLC Agreement, so long
as any affiliate of Albany holds equity interests in ASC, Albany will be responsible for providing, or causing one of its affiliates
to provide, by means of interest-bearing intercompany loans, any operating cash reasonably required by ASC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Also under the terms of the LLC
Agreement, in certain circumstances, including in the event of certain bankruptcy, deadlock or performance default events, or
if Albany or AEC merges with or is acquired by a direct competitor of Safran, Safran would have an option to purchase
AEC&rsquo;s remaining 90% interest in ASC or to sell to AEC SAC&rsquo;s remaining 10% interest in ASC. The call option price
would be based initially on a valuation of ASC of $280 million, increasing over time as LEAP production increases, until
reaching a potential maximum of $367 million in 2019. Upon the occurrence of certain specified events related to LEAP production
levels, but in any case no later than December 2022, the call option price would instead be calculated based on a valuation
of 9.5 times adjusted EBITDA, less net debt. Regardless of when it is exercised, the put option price would be based on a
valuation of ASC of $280 million. In the event that the option is exercised, Albany (in the case of the call option) or
Safran (in the case of the put option) will be subject to certain non-solicitation obligations for a period of three years
and certain non-hiring obligations for a period of two years, in each case with respect to employees of ASC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing description of the LLC Agreement
does not purport to be complete and is qualified in its entirety by reference to the terms and conditions of the LLC Agreement,
a copy of which will be filed as an exhibit to Albany&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This report may contain statements, estimates,
or projections that constitute &ldquo;forward-looking statements&rdquo; as defined under U.S. federal securities laws. Generally,
the words &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;project,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo; &ldquo;should&rdquo; and similar expressions identify forward-looking
statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties
(including, without limitation, those set forth in Albany&rsquo;s most recent Annual Report on Form 10-K or Quarterly Report on
Form 10-Q) that could cause actual results to differ materially from Albany&rsquo;s historical experience and our present expectations
or projections. Forward-looking statements in this release include, without limitation, statements about the likelihood and timing
of the exercise by SAC of the option. Such statements are based on current expectations, and Albany undertakes no obligation to
publicly update or revise any forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Signature</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>ALBANY INTERNATIONAL CORP.</B></P>

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<TR>
    <TD STYLE="width: 35%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 60%; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">By:</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ John B. Cozzolino</P>
        <P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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        <P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Name:</FONT></TD>
    <TD><FONT STYLE="color: black">John B. Cozzolino</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Title:</FONT></TD>
    <TD><FONT STYLE="color: black">Chief Financial Officer and Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 6.6pt">&nbsp;</TD>
    <TD STYLE="text-indent: 6.6pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: November 8, 2013</P>

<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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