Albany International Corp. (NYSE:AIN) released its inaugural Sustainability report, focused on the company's management approach and accomplishments in key environmental, social and governance areas.
"At Albany International, we have long demonstrated that by living by our core values of safety, accountability, integrity, respect, passion, and innovation – we can drive our business forward and make an impact that benefits our people, our communities, and the world at large," said Bill Higgins, President and Chief Executive Officer. "In 2020 we began establishing more formalized and scalable approaches to our sustainability practices, reporting and systems. We undertook these tasks to ensure we prioritize our sustainability efforts to include what is not only most impactful to our business, but also most important to our stakeholders."
- Established the Albany Sustainability Council with Board oversight and cross functional global representation across the company;
- Assessed and researched views and preferences of key stakeholder groups, including current and prospective employees, customers, partners, environmental groups and investors;
- Evaluated reporting frameworks to assess which standards are best aligned with our business and our stakeholder's interests and prepare to report to those standards.
The report, and associated Sustainability Accounting Standards Board (SASB) disclosures, can be accessed on Albany International's Investor Relations website.
Reporting Standards and Framework
Albany International's approach to sustainability reporting is intended to evolve and we expect to refine our assessments of the most important sustainability topics from our stakeholders' perspective, deepen the scope of our reporting on select topics, and broaden the set of topics covered in our reporting.
The company is disclosing information and data on a variety of subjects covered by several reporting standards. The company has adopted the Sustainability Accounting Standards Board (SASB) reporting standards for the Industrial Machinery & Goods industry under the SASB's Sustainable Industry Classification System® (SICS®) and is disclosing information and data to that standard. Given the company's significant aerospace composites business, the company has elected to supplement its disclosure by reporting certain relevant topics contained in the SASB Aerospace & Defense standard.
About Albany International Corp.
Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world's leading producer customized, consumable belts essential to the manufacture of all grades of paper products. Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components aerospace applications, supporting both commercial and military platforms. Albany International is headquartered in Rochester, New Hampshire, operates 23 plants in 11 countries, employs more than 4,000 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.