𝐀𝐥𝐛𝐚𝐧𝐲 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐬 𝐒𝐮𝐜𝐜𝐞𝐬𝐬𝐟𝐮𝐥 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐢𝐨𝐧 𝐨𝐟 𝐢𝐭𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐯𝐢𝐞𝐰 𝐚𝐧𝐝 𝐒𝐜𝐡𝐞𝐝𝐮𝐥𝐞𝐬 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐂𝐚𝐥𝐥

Albany International Corp. today announced the completion of the strategic review of its Amelia Earhart Drive facility in Salt Lake City, Utah. Following new business wins, a renegotiated Boeing 787 contract for one-piece composite fuselage frames, and new contract terms with Sikorsky, a #LockheedMartinCompany, on the CH-53K® program, Albany will retain the facility and end the previously announced strategic review. Under the new agreement with Sikorsky, Albany will continue with its current production scope on CH-53K, having improved the financials for the program. Albany partnered with Sikorsky to ensure continuity of production of these heavy lift #helicopters, delivering a critical new capability for the #UnitedStatesMarineCorps.

Gunnar Kleveland, Albany International’s President and Chief Executive Officer, said, “We are pleased to announce the completion of our strategic review of the Amelia Earhart Drive facility, which enables the continued execution of the CH-53K program through an amended contract. The contract reduces the program risk, generates positive cash flow, stabilizes 53K aircraft production, and offsets projected losses while maintaining support for our longstanding customer, Sikorsky. Throughout this process, our goal has been to maximize shareholder value while continuing to support our valued customers, as we carefully evaluated multiple alternatives. After reviewing all available options, we concluded that retaining the facility and continuing operations under the amended contract delivers the strongest overall economic outcome. We appreciate the continued engagement and partnership with Sikorsky through this process, which was critical to achieving an outcome that benefits both companies and our troops in the air and on the ground. The outcome of this process allows us to retain a strategically important and well-capitalized manufacturing facility that is well positioned to deliver on a number of existing growth programs and is a key enabler of future growth.

Chris Stone, President of #AlbanyEngineeredComposites said, “In support of that growth, we have entered a contract extension for the composite fuselage frames on the #Boeing787Dreamliner, a notable legacy program for the #SaltLakeCity facility. In addition, we have also recently secured new defense contracts with a strategic customer that will expand our program portfolio and contribute to the long-term, balanced growth of our Salt Lake City business.

source : #AlbanyInternational