Albany International Announces CFO Successor

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Tue Jun 30, 2009 5:30pm EDT

ALBANY, N.Y.--(Business Wire)--
Albany International Corp. (NYSE:AIN) today announced that Michael K. Burke has
been named a Senior Vice President of the Company, effective July 8, 2009, and
will become Chief Financial Officer on August 7, 2009, at the close of business.
He will succeed Michael C. Nahl, Executive Vice President and Chief Financial
Officer, who is retiring after a distinguished 27-year career with the Company. 

Mr. Burke served as Executive Vice President and Chief Financial Officer of
Intermagnetics General Corp., a manufacturer of magnetic resonance imaging
devices formerly traded on Nasdaq (symbol: IMGC), from November 2001 until
December 2006, when he left following the successful merger and integration of
Intermagnetics into Royal Philips Electronics. During his tenure, the market
capitalization of Intermagnetics grew from approximately $400 million in late
2001 to over $900 million in late 2005, culminating in the sale to Royal Philips
at a total equity value of approximately $1.3 billion. Mr. Burke also served as
Chief Financial Officer of HbT, Inc., a privately held power technology company,
from May 2000 until joining Intermagnetics. Prior to joining HbT, he worked for
almost 20 years in investment banking, first at Barclays Capital and later at
CIBC World Markets. While at Barclays and CIBC, he gained experience in all
aspects of corporate finance (including raising of capital through sales of
equity, public and private debt, and bank financing), corporate strategy, and
mergers and acquisitions. 

Mr. Burke has served as a Director of Casella Waste Systems (NASDAQ: CWST) since
March 2008, and is a member of their Audit Committee. He has served on the Board
of Directors of Albany Medical Center since November 2007, and currently serves
as a Vice Chair. He also serves on the Board of Trustees of Union Graduate
College and the Make-a-Wish Foundation of Northeast New York. 

Joseph G. Morone, President and Chief Executive Officer of Albany International
Corp., said, "We are all delighted that Michael Burke has agreed to join the
Albany management team, especially at this pivotal time, when the impact of the
global economic recession brings new challenges and opportunities for our
organization. His intelligence, leadership style, and breadth and depth of
expertise in both financial markets and financial operations are precisely the
mix of capabilities and experience that we had been searching for." 

Erland E. Kailbourne, the Company`s Chairman, added, "The Board of Directors
unanimously agreed to elect Mr. Burke. He proved to be the ideal candidate,
combining a keen understanding of dynamic and complex financial and strategic
issues with strong leadership capability and management experience. We could not
ask for a more suitable successor to the CFO position." 

"I am honored to be joining a company with such a long and storied history and
am energized by its leadership, its plan for the future, and the strong
foundation laid by Michael Nahl," Mr. Burke said. "My broad corporate finance
skills dovetail well with the next phase of the company`s strategy and its plans
for long-term growth in shareholder value," he added. 

Albany International is a global advanced textiles and materials processing
company. Its core business is the world`s leading producer of custom-designed
fabrics and belts essential to the production of paper and paperboard. Albany`s
family of emerging businesses extends its advanced textiles and materials
capabilities into a variety of other industries, most notably aerospace
composites, nonwovens, building products, and high-performance industrial doors.
Additional information about the Company and its businesses and products is
available at www.albint.com. 



Albany International Corp.
Investors:
John Cozzolino, 518-445-2281
Vice President-Corporate
Treasurer and Strategic Planning
john.cozzolino@albint.com
or
Media:
Susan Siegel, 518-445-2284
Director of Corporate Communications
susan.siegel@albint.com

Copyright Business Wire 2009

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