<SEC-DOCUMENT>0000903423-17-000016.txt : 20170329
<SEC-HEADER>0000903423-17-000016.hdr.sgml : 20170329
<ACCEPTANCE-DATETIME>20170117101917
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000903423-17-000016
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20170117

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:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		216 AIRPORT DRIVE
		CITY:			ROCHESTER
		STATE:			NH
		ZIP:			03867
		BUSINESS PHONE:		5184452200

	MAIL ADDRESS:	
		STREET 1:		216 AIRPORT DRIVE
		CITY:			ROCHESTER
		STATE:			NH
		ZIP:			03867

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALBINT INC
		DATE OF NAME CHANGE:	19870924
</SEC-HEADER>
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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">January 17, 2017</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Ms. Jennifer Thompson</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Accounting Branch Chief, Office of Consumer Products</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Securities and Exchange Commission</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Washington, D.C. 20549</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Albany International Corp.<BR>
<BR>
Form 10-K for the Year Ended December 31, 2015,
filed February 26, 2016<BR>
<BR>
File No. 1-10026<BR>
</TD></TR></TABLE>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in"></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in"></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Dear Ms. Thompson:</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">We are pleased to respond to your letter dated December
20, 2016. For ease of review, we have set forth below the numbered comments from your letter and our responses thereto.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">With respect to the responses that involve a proposed
revision to the manner in which the related items were addressed in the filings in which they appeared, we have included in our
response an illustration of how the revised disclosure would have appeared in the relevant filing. New additions to the text are
underlined. Each illustration would also apply to any future filings in which the disclosure item is repeated.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><U>Item 7. MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, page 22 </U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Given the magnitude of the foreign currency translation losses recorded
in your other comprehensive income (loss) for the years ended December 31, 2015 and 2014, please provide your investors with more
information about these fluctuations in foreign currency translation rates as follows:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We note your statement that sales declined due to the broad weakening
of foreign currencies against the U.S. dollar. This is a broad statement that could apply to many companies. To make your disclosure
more specific to your individual company&rsquo;s circumstances, please disclose any individual foreign currencies that significantly
contributed to the decline in sales and consider discussing in more detail the impact of your operations in these specific currencies
on your results. We believe this will provide your investors with greater insight into the factors impacting your international
operations and will</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">allow investors to better anticipate the likelihood
that past results are indicative of future results. Refer to ASC 830-20-50-3.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We note that your analysis of results of operations does not describe
the impact of changes in foreign currency translation rates on gross profit. Please explain to us in reasonable detail how you
determined no such discussion was needed, including clarifying to us if your products are generally manufactured in the same country
in which they are sold.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We note that the only expenses you describe in your analysis of results
of operations as being significantly impacted by foreign currency translation losses are the Selling, Technical, General and Research
expenses. It appears that you are combining two line items from the face of your income statement within this narrative analysis:
Technical, Product Engineering, and Research expenses and Selling, General, and Administrative expenses. It also appears from the
face of your income statement that Technical, Product Engineering, and Research expenses declined in 2015 significantly more than
Selling, General, and Administrative expenses. If certain cost categories are impacted more significantly than others by the change
in currency translation rates, please clarify this to your investors. Further, please disclose any individual foreign currencies
that significantly contributed to the decline in your expenses and consider discussing in more detail the impact of your operations
in these specific currencies on your results.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Response:</B> We acknowledge that changes in currency
rates can have a significant effect on operating results.&nbsp; We also agree that discussion of the impact on sales of changes
in the rates of individual foreign currencies, in any period when the impacts are significant, may also be helpful to our investors.&nbsp;
Since Albany Engineered Composites and Corporate expenses are not significantly affected by changes in currency rates, our response
to this question is focused on matters affecting Machine Clothing. We propose below an illustration of how such disclosure would
have appeared in the MD&amp;A of our 2015 10-K.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">The effect of currency rate changes on gross profit in
the Machine Clothing segment can be difficult to anticipate because we use a global sourcing and manufacturing model. Under this
model, while some non-U.S. sales and associated costs are in the same currency, other non-U.S. sales are denominated in currencies
other than the currency in which most costs of such sales are incurred. At the same time, the geographic sources of materials purchased
(and the currencies in which these purchases are denominated) can vary depending on market forces, and the Company may also shift
production of its products between manufacturing locations, which can result in a change in the currency in which certain costs
to produce such products are incurred.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">In 2015, approximately 20% of Machine Clothing (MC) sales
had U.S. dollar sales prices, but much of the costs of such sales were in the currencies of the countries in which they were produced,
principally in Brazil and Mexico. The Brazilian real and Mexican peso weakened in 2015, which reduced Cost of sales related to
that revenue. During the same period, approximately 45% of MC sales were both manufactured and sold in currencies other than the
dollar, real or peso, and since almost all such currencies weakened against the U.S. dollar in 2015, the gross profit associated
with these sales was reduced. While sales subject to the second effect were approximately double those subject to the first effect,
the effect was to gross</P>


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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">profit, and not cost of sales (a much larger number).
As a result, the net impact of these two effects on gross profit was slightly positive in 2015.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Because the net impact of these currency effects was not
significant to gross profit, we did not think it helpful to disclose them. We note also that currency effects are based on many
estimates. However, we acknowledge that some additional discussion of the impact of currency on gross profit may be of use to some
investors, and have included below a proposed revision to the Machine Clothing gross profit discussion.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">As noted in your comment about changes in Selling, Technical,
General and Research (STG&amp;R) expenses, we combine two line items on the income statement for the purpose of the Management&rsquo;s
Discussion and Analysis to be consistent with how management establishes objectives and monitors performance. While, as you note,
it appears from the face of our income statement that Technical, Product Engineering and Research expenses declined in 2015 significantly
more than Selling, General and Administrative expenses, the impact of currency translation rates on each line item was in fact
comparable. Changes in currency translation rates caused Machine Clothing Selling, General and Administrative expenses to decline
$10.9 million (11% of the amount that would have been reported for 2015, if rates had not changed) and Technical, Product Engineering
and Research Expenses by $2.6 million (8% of the amount that would have been reported for 2015, if rates had not changed). As noted
in our 2015 10-K, 2015 Machine Clothing STG&amp;R expenses were also reduced $2.7 million by restructuring initiatives and $2.7
million for less travel, both of which principally affected Technical, Product Engineering and Research expenses. Additionally,
the individual line items on the income statement were affected by a shift in focus for many Machine Clothing employees that had
been focused on research and product development prior to 2015. Starting in 2015, they were reassigned to identification of customer
solutions and introduction of new products into the marketplace, which had no effect on total STG&amp;R expenses, but resulted
in a transfer of cost between the two lines of the income statement.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">See below the revisions to 2015 Form 10-K, pages 22,
23, 24 and 25, that we propose to include in our Annual Report on Form 10-K for the year ended December 31, 2016. We would also
expect to include similar detail in future filings with respect to future periods.&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Net Sales &ndash; page 22-23</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">The following table summarizes net sales by business segment:</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">
<IMG SRC="image_007.gif" ALT=""></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">2015 vs. 2014</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Changes in currency translation rates had the effect of decreasing
net sales by $39.6 million during 2015, compared to 2014 <STRIKE>due to the broad weakening of foreign currencies against the U.S.
dollar.</STRIKE> <U>Approximately 80% of that decrease was due to European-based sales, which were principally transacted in euros.
On average, the euro was approximately 17% weaker in 2015.</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Excluding the effect of changes in currency translation rates: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consolidated Net sales increased 0.6%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net sales in MC decreased 1.3%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net sales in AEC increased 13.9%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Excluding the effect of changes in currency translation rates, the
year-over-year decline in MC segment sales was primarily attributable to lower sales in the North American printing and writing
markets.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The AEC segment sales increase was due to higher sales related to the
LEAP and GE9X programs.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Gross Profit &ndash; Page 23-24</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">The following table summarizes gross profit by business
segment:</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-indent: 0.0in"><IMG SRC="image_009.gif" ALT=""></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">The decrease in gross profit during 2015 was principally
due to the net effect of the following individually significant items:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Changes in currency translation rates from 2014 to 2015 had a slightly
positive effect on Machine Clothing gross profit. In 2015, approximately 20% of Machine Clothing (MC) sales had U.S. dollar sales
prices, but were manufactured by non-U.S. subsidiaries, principally in Latin America. The Brazilian real and Mexican peso weakened
in 2015, which reduced Cost of sales related to that revenue. Approximately 45% of MC sales were manufactured and sold in currencies
other than the dollar, real or peso, and since almost all currencies in which we operate weakened against the U.S. dollar in 2015,
the gross profit in these other countries was reduced by changes in currency translation rates. The net impact of these two effects
on gross profit was slightly positive in 2015.</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>The remaining </U>increase in MC gross profit <STRIKE>was principally
due to the effect on</STRIKE> <U>reflects lower costs for</U> raw materials and freight that resulted from <STRIKE>lower</STRIKE>
<U>reduced</U> crude oil costs.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The decrease in AEC gross profit was principally due to a charge of
$14.0 million for a revision in the contract profitability of its BR 725 program which is a long-term manufacturing contract in
the Boerne, Texas facility. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Selling, Technical, General, and Research (STG&amp;R)
&ndash; page 24</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><U>Selling, Technical, General and Research (STG&amp;R)
expenses include selling, general, administrative, technical, product engineering and research expenses.</U> The following table
summarizes STG&amp;R by business segment:</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><IMG SRC="image_010.gif" ALT=""></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">The decrease in STG&amp;R expenses in 2015 comparison
of 2014, was principally due to the net effect of the following individually significant items:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Changes in currency translation rates reduced MC STG&amp;R costs by
$13.5 million. <U>Approximately 60% of that decrease was related to European-based costs, which were principally incurred in locations
with the euro and the Swedish krona as the functional currency.</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MC revaluation of nonfunctional currency assets and liabilities resulted
in gains of $5.1 million during 2015 and gains of $3.9 million in 2014.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Restructuring activities and reduced travel in MC each resulted in
a $2.7 million decline in STG&amp;R. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><U>Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</U></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">1. Accounting Policies</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Inventories, page 53</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">2. We note you changed the method you utilize to value
your inventory from average cost to the first-in-first-out method. Tell us the facts and circumstances that caused you to change
your inventory valuation method. Further, explain to us why you did not clearly disclose that a change had occurred. With reference
to ASC 250-10-45-2, tell us how you determined this new cost flow assumption was preferable. Lastly, please provide the disclosures
required by FASB ASC 250-10-50 and a preferability letter from your auditor as required by Item 601(b)(18) of Regulation S-K, or
advise us why this disclosure and preferability letter are not required.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Response:</B> We respectfully submit to the Staff that
we have made no change to the inventory valuation methods or cost flow assumptions that we have historically used. The change in
our policy disclosure that you noted was an attempt to refine the description of the method used to value our inventories. We use
a standard cost methodology, and our prior accounting policies footnote referred to average cost, which is an element of the method
we use in evaluating our standard costs of inventory. We regularly evaluate our purchase price and other variances, and adjust
the standard cost valuation of inventories to reflect actual costs, principally on a first-in, first-out basis, and believed that
to be a better overall description of our Company&rsquo;s inventory accounting policy.</P>


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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">See below the revisions to 2015 Form 10-K, page 53, that
we propose to include in our Annual Report on Form 10-K for the year ended December 31, 2016. We would also expect to include similar
detail in future filings with respect to future periods.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Inventories</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><U>Costs included in inventories are raw materials, labor,
supplies and allocable depreciation and overhead</U>. Inventories are <U>valued</U> <STRIKE>stated</STRIKE> at the lower of cost
<U>(which generally approximates actual cost on a first-in, first-out basis)</U> or market<STRIKE>, with cost determined using
the first-in first-out method</STRIKE>. The Company writes down the inventory for estimated obsolescence and to lower of cost of
market value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable
than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the
inventory less the related write-down represents the new cost basis of such inventories.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><U>7. Income Taxes, page 68</U></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">3. We note you recorded a worthless stock deduction in
the fourth quarter of fiscal 2015. Please explain to us the circumstances leading to this deduction. We note from your disclosure
on page 93 this deduction relates to the Company&rsquo;s investment in a German subsidiary. Further, we have read your disclosure
on page 25 which indicates your decision to discontinue manufacturing operations at the German facility in the second quarter of
fiscal 2015. Explain to us your accounting basis for this deduction and why you did not record the tax benefit of the deduction
in an earlier period, such as when you made the decision to cease operations at the manufacturing facility in the second quarter
of fiscal 2015.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Response:</B> <FONT STYLE="font-weight: normal; line-height: 107%">For
a worthless stock deduction, under IRC &sect;165(g)(1), the Company must prove that its stock in its German entity (WFG) became
worthless in 2015. Treasury Regulation Section 1.165-1(b) provides that in order to take a deduction, the loss must be (a) evidenced
by a closed and completed transaction, (b) fixed by identifiable events, and (c) actually sustained during the taxable year. The
Internal Revenue Code, however, does not define &ldquo;worthlessness.&rdquo; A single event will not generally satisfy the worthlessness
test in the absence of other factors that indicate that no value remains in the stock. Even if a taxpayer can determine worthlessness,
it must also prove that the recognition of the loss in a particular taxable year is appropriate.</FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-weight: normal; font-style: normal">Morton
v. Commissioner, 38 B.T.A. 1270 (1938) aff'd, 112 F. 2d 320 (7th Cir. 1940), described the year in which stock becomes worthless
as the year in which, &ldquo;there is no reasonable hope and expectation that it will become valuable at some future time&hellip;&rdquo;</FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-weight: normal; font-style: normal">Thus,
for a corporation's stock to be considered as worthless, the corporation must not only have no current liquidating value, but also
no hope of future profitability. Although the Company announced the decision to discontinue manufacturing operations at WFG in
the second quarter of 2015, this announcement was not the culmination of a closed/completed transaction. There were several critical
events that needed to transpire before the aforementioned criteria could be satisfied. They are as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">In January of 2015, WFG had
approximately 50 employees and was continuing to produce products. During the second quarter of 2015, the Company announced that</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">manufacturing
operations would cease. However, as late as December 2015, certain employees remained in WFG who were responsible for performing
final administrative activities related to the winding up of its manufacturing business.</FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">In the third quarter of 2015,
WFG and Albany International Europe GmbH terminated the Manufacturing Services Agreement under which WFG had exclusively sold its
output. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">In the third quarter of 2015,
WFG put its manufacturing site up for sale. WFG received a verbal offer in the fourth quarter of 2015. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">In December 2015, WFG concluded
an agreement to sell key manufacturing equipment to a foreign affiliate. This was its most important piece of equipment and essential
for manufacturing operations. A customs representative of the purchaser inspected the equipment in December 2015 for its importation.
</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">In the fourth quarter of 2015,
the value of the pension liability of WFG was finalized. This liability was one of the final pieces of information necessary to
evaluate the solvency of WFG. Solvency is the determining factor in being able to defend a worthless stock deduction.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-weight: normal; font-style: normal">The
culmination of the events outlined above illustrates that during the fourth quarter of 2015 (but not sooner), there was no reasonable
hope or expectation that WFG would become valuable at some future time as it had no manufacturing operations, no manufacturing
equipment and the outstanding liabilities substantially exceeded the remaining assets of WFG.</FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-weight: normal; font-style: normal">Once
it had been determined that WFG was insolvent, the Company then applied IRC section 165(g)(3), to determine if the worthless stock
deduction should be treated as ordinary versus capital for tax purposes. This analysis was completed in the fourth quarter of 2015.</FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-weight: normal">In addition, due to
the magnitude of the deduction, the Company sought the tax technical advice of a third party tax law firm to support management&rsquo;s
assertion that the worthless stock deduction criteria were met as of December 31, 2015. The accounting basis for the worthless
stock deduction is discussed in ASC 740-10-25-6 which states, in part, &ldquo;<I>An entity shall initially recognize the financial
statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained
upon examination</I>.&rdquo; The tax technical opinion, received in January 2016, confirmed management&rsquo;s considerations of
the facts and circumstances summarized above, as well as the criteria set forth in the above referenced ASC. </FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-weight: normal; font-style: normal">Based
on the foregoing, we are confident that it was appropriate to recognize the effect of the worthless stock deduction, and that the
the fourth quarter of 2015 was the appropriate period in which to recognize the benefit.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">Sincerely,</TD><TD></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.25in; text-indent: -0.25in">&nbsp;/s/ John B. Cozzolino</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.25in; text-indent: -0.25in">John B. Cozzolino</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.25in; text-indent: -0.25in">Chief Financial Officer and
Treasurer</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>


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