Albany International declares to repatriate foreign earnings
04 Oct '05
1 min read
New York based largest cloth maker Albany International announced that it repatriated approximately $69.7 million of undistributed foreign earnings during the third quarter of 2005 under the provisions of the American Jobs Creation Act (the "Act").
The Act provides a temporary incentive for United States companies to repatriate accumulated income earned in foreign jurisdictions at a reduced income tax cost, provided that the funds are invested in certain qualified investments in the United States. The estimated income tax expense associated with the repatriation is approximately $4.4 million, or $0.14 per fully diluted share, which will be recorded in the third quarter of 2005.
Albany International is the largest producer of paper machine clothing and high-performance doors, with manufacturing plants strategically located to serve its customers throughout the world.
marketing@alchempro.com
