Description of Albany International's Business Segments
The Machine Clothing segment also supplies customized, consumable fabrics used
in the manufacturing process in the pulp, corrugator, nonwovens, fiber cement,
building products, and tannery and textile industries.
We sell our Machine Clothing products directly to customer end-users. Our products,
manufacturing processes, and distribution channels for Machine Clothing are
substantially the same in each region of the world in which we operate. The
sales of paper machine clothing forming, pressing, and dryer fabrics, individually
and in the aggregate, accounted for more than 10 percent of our consolidated
net sales during one or more of the last three years.
International Operations
We maintain manufacturing facilities in Brazil, Canada, China, France, Italy,
Mexico, South Korea, Sweden, the United Kingdom, and the United States. We also
have a 50% interest in a company in Russia.
Our geographically diversified operations allow us to serve our markets efficiently
and to provide extensive technical services to our customers. We benefit from
the transfer of research and development and product innovations between geographic
regions. The worldwide scope of our manufacturing and marketing efforts helps
to mitigate the impact of regional economic downturns.
Our global presence subjects us to certain risks, including controls on foreign
exchange and the repatriation of funds. We have a cash repatriation strategy
that targets a certain amount of foreign current year earnings that are not
permanently reinvested. To date, we have been able to make such repatriations
without substantial governmental restrictions and do not foresee any material
changes in our ability to continue to do so in the future. In addition, we believe
that the risks associated with our operations outside the United States are
no greater than those normally associated with doing business in those locations.
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