Albany International Announces Cessation Of Manufacturing Operations In South Korea
Albany International Korea, Inc., a subsidiary of Albany International Corp., has announced its decision to cease manufacturing operations at its facility in Chungju, South Korea, and relocate production to other Albany International manufacturing facilities.
This strategic move is aimed at optimizing forming fabric capacity to better meet local market demand and serve the evolving needs of its customers. The decision to streamline operations is driven by current and anticipated market conditions and is not a reflection of the performance of the 76 manufacturing employees affected by this transition. These employees will be offered separation packages and outplacement assistance to support them during this transition period.
Despite this operational adjustment, Albany International remains committed to supporting the local papermaking industry. It will continue to provide customers its expertise in product application, sales, marketing and service through its dedicated sales, service & application teams based in South Korea.
The transfer of production will be closely overseen by the technical and manufacturing personnel to ensure a seamless transition and uninterrupted supply for its customers. This transition is anticipated to be completed by July 2024.
