MENANDS Albany International Corp.’s aerospace parts arm will not be soaring as high as the manufacturer had anticipated because Eclipse Aviation Corp. is scaling back production of a private jet line.
Six months after Albany International President and Chief Executive Officer Joseph Morone predicted his Albany Engineered Composites arm could become a “second core business of the company,” the Menands paper machine clothing manufacturer today toned down that ambition, at least in the short term.
The sudden turnaround comes from the decision of Eclipse to substantially reduce the production of its Eclipse 500 Very Light Jet. The Albuquerque, N.M.-based Eclipse in February also unveiled an $8 million service station for that jet at Albany International Airport in Colonie.
“The delayed sales are also expected to reduce the rate of 2009 revenue growth substantially,” Albany International said in a statement.
Albany Engineered is Albany International’s newest and fastest growing segment and is based in Rochester, N.H. Its composites are used for jet landing gear and brakes. Albany Engineered’s Boerne, Texas, facility, which employs 250 workers, produces 47 advanced composite parts and subassemblies for the Eclipse 500.
Reflecting Albany International’s hopes for the Eclipse parts production, Texas officials in January said Albany Engineered would bring 337 new jobs and a $41.6 million capital investment to the Boerne area, north of San Antonio.