What Albany International Corp. told the SEC could break it.

Albany's Aerospace (AEC) segment depends heavily on a single customer and a small set of long-cycle programs. Safran accounted for ~37% of AEC's net revenues in 2025 (~15% of Albany's consolidated revenue) — substantially all under an exclusive long-term supply agreement for parts on CFM's LEAP engine (A320neo/A321neo, 737 MAX, COMAC 919). Other significant AEC programs include the CH-53K helicopter, F-35 fighter jet, JASSM missile and Boeing 787, several where AEC is sole-source. A LEAP build-rate cut, program delay/cancellation, or loss of the Safran relationship would disproportionately hit AEC. A real, named customer/program concentration captured separately as the AIN→Safran edge.

“In the AEC segment, our customer Safran accounted for approximately 37% of AEC's Net revenues in 2025, substantially all of which was under an exclusive long-term supply agreement relating to parts for the LEAP engine.”

Albany's cross-border manufacturing footprint exposes it to U.S. import tariffs: in 2024 it imported over $100 million of goods into the U.S., approximately 45% from Mexico and 29% from Canada. New or increased tariffs (including USMCA-region actions) on these imports would raise input/landed costs that it may be unable to fully pass through, compressing margins. A quantified, named-geography tariff/trade-policy exposure.

“In 2024, the Company imported over $100 million into the U.S. from other countries, of which approximately 45% of the imports were from Mexico and 29% of the imports were from Canada.”

Albany relies on a limited number of suppliers for the key raw materials in both segments: polymer fiber and monofilaments for paper-machine clothing, and carbon fiber and carbon resin for engineered composites. In some cases the use of specific suppliers is mandated by customer agreements, and qualifying an alternative supplier is subject to material qualification/requalification requirements that could preclude or delay availability. A disruption, price spike or loss of a qualified carbon-fiber/resin or polymer supplier could interrupt production. Suppliers are unnamed, so this is a supplier-concentration/sole-source raw-material dependence rather than a named edge.

“There is a limited number of suppliers of polymer fiber and monofilaments, key raw materials used in the manufacture of machine clothing, and of carbon fiber and carbon resin, key raw materials used by AEC.”