By Aisha Al-Muslim

Albany International Corp. (AIN) has named a former Alcoa Corp. (AA) executive as its new president and chief executive officer.

Olivier Jarrault will succeed current CEO Joseph G. Morone on March 2, the textiles and materials processing company said Monday. The company operates 22 plants in 10 countries and employs 4,400 people world-wide.

Mr. Jarrault, 56 years old, spent 14 years at Alcoa and last served as executive vice president and group president of Alcoa Engineered Products and Solutions Inc., which is now part of Arconic Inc.

"Olivier's experience leading a portfolio of manufacturing businesses across a broad market spectrum--including aerospace, industrial gas turbines, commercial transportation and construction--and his demonstrated talent for organizational leadership, make us confident of his ability to lead Albany's Machine Clothing and AEC businesses," Albany Chairman Erkie Kailbourne said in prepared remarks.

The Rochester, N.H.-based company also reported Monday a fourth-quarter profit of $3.7 million, or 12 cents a share, down from $15.8 million, or 49 cents a share, a year earlier. The results included a net charge of $6.8 million for income tax adjustments due to recent U.S. tax law changes.

Revenue rose 6% to $226.7 million.

Excluding adjustments, Albany earned 43 cents a share, compared with 36 cents a share a year ago. Analysts polled by Thomson Reuters had forecast earnings of 42 cents a share on $218.3 million in revenue.

The stock was little changed at $60.04 in after-hours trading Monday. Shares are up 25% in the last year.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

February 05, 2018 18:22 ET (23:22 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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