Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On April 6, 2009, Albany International Corp. (the "Company") entered into an agreement with J.P. Morgan Securities, Inc. ("JPMSI"), pursuant to which JPMSI agreed to exchange up to $93,984,000 principal amount of the Company's 2.25% Convertible Senior Notes due 2026 (the "Convertible Notes") for (i) an equivalent amount of the Company's 2.25% Senior Notes due 2026 (the "New Notes"), plus (ii) a cash payment of $7.50 per $1,000 principal amount of Convertible Notes.

Also on April 6, 2009, the Company and JPMSI entered into another agreement pursuant to which JPMSI agreed to sell the New Notes back to the Company for an aggregate cash purchase price of up to $52,800,000.

JPMSI is an affiliate of JPMorgan Chase Bank, N.A., which serves as a lender and as Administrative Agent under the Company's $460,000,000 Revolving Credit Facility.

Earlier, on March 17, 2009, in a separate private transaction with a different party, the Company exchanged $7,074,000 principal amount of the Company's Convertible Notes for (i) an equivalent amount of the Company's New Notes plus
(ii) a cash payment of $50,000. Additionally, pursuant to a separate agreement, the Company purchased these New Notes for a cash payment of $3,310,150.