ALBANY INTERNATIONAL Business Summary

Albany International Corp. (AIN) operates a dual-segment business model centered on high-performance industrial textiles and advanced aerospace composites. The Machine Clothing (MC) segment, significantly expanded by the 2023 acquisition of Heimbach, generates stable, high-margin recurring revenue through the sale of consumable custom-designed fabrics and process belts essential for paper, tissue, and packaging production. Conversely, the Albany Engineered Composites (AEC) segment serves as a high-growth Tier 1 supplier to the aerospace and defense sectors, leveraging proprietary 3D-weaving technology to manufacture critical components for major platforms, including the CFM LEAP engine and the F-35 Lightning II. AIN maintains a dominant global market share in the machine clothing industry, where it competes directly with Valmet, Voith Group, and Andritz, while its AEC division positions it as a specialized competitor to Hexcel Corporation and Spirit AeroSystems in the advanced materials landscape. The leadership team is headed by President and CEO Gunnar Kleveland, who assumed the role in late 2023 following an extensive career at Textron, including tenures as CEO of Textron Specialized Vehicles and Executive VP at Bell Helicopter. In September 2025, the company further strengthened its executive suite by appointing Willard Station, a former Boeing finance and operations executive, as Executive Vice President and CFO. Technical innovation is overseen by long-time CTO Robert A. Hansen, while the primary business segments are managed by Christopher Stone (AEC), a former Lockheed Martin executive, and Merle Stein (MC). The company is governed by a board chaired by John Scannell, former CEO of Moog Inc., and maintains a strong institutional investor base led by The Vanguard Group, BlackRock, and T. Rowe Price.