Exhibit 99.1

XERIUM TECHNOLOGIES REPORTS THIRD QUARTER 2006 RESULTS

Company Announces Sixth Consecutive Quarterly Dividend

YOUNGSVILLE, NC, November 13, 2006 – Xerium Technologies, Inc. (NYSE: XRM), a leading global manufacturer of clothing and roll covers used primarily in the paper production process, today reported results for the third quarter ended September 30, 2006. Highlights for the quarter include:

Thomas Gutierrez, Chief Executive Officer of Xerium Technologies, said, “Earnings for the third quarter this year were affected by several factors, including significant investments in areas across our businesses. During this quarter the majority of our planned 2006 restructuring activities were completed. We have now moved beyond restructuring efforts and started to focus on initiatives designed to further differentiate Xerium in the marketplace. These programs, which will continue into 2007 and from which we do not expect a substantial return during the balance of 2006, are primarily focused on advanced product and process design and business development. Xerium has always had a strong focus on generating cost reductions to offset inflation and we plan to continue this discipline.

“Top line growth during the third quarter this year, compared to the prior year, was modest. We made good progress in our rolls business and our clothing business remained stable during the traditionally slow summer holidays in Europe. Overall pricing declined slightly, with marginal increases recorded in our clothing segment more than offset by decreases in roll covers. Customers continue to support our overall value proposition because they recognize that Xerium’s technologies and technical support can enable them to increase efficiencies and reduce costs in the papermaking process. Based upon third-party sources, we believe that Xerium’s clothing market share over the first nine months of this year has not changed compared to the same period last year, with increases in North America and Asia offset by declines in Europe. We also continue to maintain good control over inflationary pressures. The impact of inflation on Xerium’s total cost structure during the quarter was an increase of approximately 2.4% compared to the prior year quarter. Gross margins have remained stable compared to the same quarter last year at approximately 40.4%. We continue to focus on managing material costs and have recently signed a multi-year contract with a provider of clothing raw materials that we expect will deliver benefits of up to $3 million per year once the transition of volume to the vendor is completed by the end of 2007.”

He added, “Our cash position has improved by more than 12% in the past quarter. We have determined that the capital spending requirements for 2006 will not exceed $32 million in total, and made a voluntary debt repayment of $23.0 million on November 2, 2006 to further reduce our long-term debt.

“We took other steps in the third quarter that strategically improve our global position, including purchasing our Japanese distributor. In addition, we sold our UK equipment business. Overall, we remain optimistic about the long-term prospects for Xerium.”

Mr. Gutierrez concluded, “During the fourth quarter we will be evaluating the creation of a dividend reinvestment plan, or DRIP, that would allow shareholders to elect to reinvest all or a portion of their dividends in shares of our common stock rather than cash. Some of our largest shareholders have indicated interest in participating in such a plan, and we think that a DRIP has merit in that to the extent we issue new shares in respect of dividends it could effectively reduce the cash required to pay dividends. We expect to come to a decision on this initiative during the fourth quarter of this year.”

ADDITIONAL QUARTERLY FINANCIAL HIGHLIGHTS

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The following table presents net sales for the third quarters of 2006 and 2005 by segment and the effect of currency on pricing and translation on third quarter 2006 net sales:

* Increase in third quarter 2006 net sales due to currency translation is calculated by subtracting (i) an amount equal to net sales for the third quarter of 2005 from (ii) net sales for the third quarter of 2005 at the applicable average foreign currency exchange rate for the third quarter of 2006.

** Change in the third quarter 2006 net sales due to currency effect on pricing relates to sales prices indexed in U.S. dollars by certain non-U.S. operations and is calculated based on the difference in the exchange rate from the time of pricing commitment to the customer and the point at which the sale transaction is recorded.

Clothing Segment Commentary

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Roll Covers Segment Commentary

NINE MONTHS RESULTS

CONFERENCE CALL

The Company plans to hold a conference call to discuss these results this morning, Monday, November 13, 2006, beginning at 8 am ET. The call is accessible via the Company’s website (www.xerium.com) following the links to investor relations and webcasts. To access the conference call, please dial 1-800-237-9752, using passcode 64490647, at least 10 minutes prior to the call’s start. Internationally, the call may be accessed by dialing 1-617-847-8706, using the same passcode. The call will be available as an archived webcast on the Company’s website beginning approximately an hour after the call is completed.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA and EBITDA are not measures of performance under generally accepted accounting principles (“GAAP”); they are non-GAAP financial measures. Xerium Technologies uses these measures as supplementary non-GAAP financial measures to assist in evaluating liquidity and financial performance, specifically in evaluating the Company’s ability to service indebtedness and to fund ongoing capital expenditures and dividends. Xerium Technologies’ credit facility includes covenants based upon Adjusted EBITDA. If Adjusted EBITDA declines below certain levels, the Company could go into default under the credit facility or be required to prepay the credit facility or could be prohibited from paying dividends. Neither Adjusted EBITDA nor EBITDA should be considered in isolation or as a substitute for net cash provided by operating activities (as determined in accordance with GAAP) or income from operations (as determined in accordance with GAAP). For additional information regarding Adjusted EBITDA and EBITDA, and a reconciliation of such measures to the most comparable financial measures under GAAP, please see below. The information in this press release should be read in conjunction with the financial statements and footnotes contained in our documents to be filed with the Securities and Exchange Commission.

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ABOUT XERIUM TECHNOLOGIES

Xerium Technologies, Inc. (NYSE: XRM) is a leading global manufacturer and supplier of two types of products used primarily in the production of paper: clothing and roll covers. The Company, which operates around the world under a variety of brand names, owns a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products integral to production, all designed to optimize performance and reduce operational costs. With 36 manufacturing facilities in 15 countries around the world, Xerium Technologies has approximately 3,900 employees.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “indicates,” “suggests” and similar expressions. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include, but are not limited to: (i) adverse changes in general economic or market conditions, including without limitation those affecting the paper industry; (ii) labor unrest; (iii) currency fluctuations; (iv) competitive factors, including but not limited to pricing pressures and new product introductions; (v) the relative and varying rates of product price and component cost changes and the volume and mixture of product and service revenues; (vi) transitions to new products, the uncertainty of customer acceptance of new product offerings and technological and market change; (vii) the lack of any requirement to make dividend payments on our common stock at any particular level or at all; (viii) limitations imposed by our credit facility on the amount of dividends we are permitted to pay; (ix) our high degree of leverage and significant debt service obligations, together with our dividend policy, may cause us to have insufficient cash to fund growth and unexpected cash needs; (x) war or acts of terrorism in any country in which we conduct business; (xi) changes in U.S. or foreign government policies, laws, regulations and practices, including without limitation those regarding the repatriation of funds and taxes; and (xii) those other risks described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for period ended December 31, 2005 filed with the Securities and Exchange Commission. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such forward-looking statements after the date of this release.

— Financial Tables Follow —

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Xerium Technologies, Inc.

Condensed Consolidated Statements of Operations – (Unaudited)

(dollars in thousands, except per share data)

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Xerium Technologies, Inc.

Condensed Consolidated Statements of Cash Flows—(Unaudited)

(dollars in thousands)

On February 2, 2006 the Company acquired all of the capital stock of privately-held Coldwater Covers, Inc. (“Coldwater”) and a related manufacturing facility for a total purchase price of $6,999, subject to certain adjustments, and assumed liabilities as follows:

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On August 31, 2006 the Company acquired certain assets, and assumed certain related liabilities, of PMA Shoji Co. Ltd. (“PMA”) for a total purchase price of $1,742, subject to certain adjustments, and assumed liabilities as follows:

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Xerium Technologies, Inc.

Condensed Consolidated Balance Sheets—(Unaudited)

(dollars in thousands, except per share data)

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EBITDA and Adjusted EBITDA Reconciliation

EBITDA is defined as net income before interest expense, income tax provision and depreciation and amortization. Adjusted EBITDA is defined in the credit facility of Xerium Technologies and is EBITDA plus (i) expenses or losses incurred on or prior to the completion of our initial public offering in connection with proposed or completed debt or equity financing transactions, including expenses or losses related to the early retirement or extinguishment of debt and any bonuses paid in connection with such financing transactions, (ii) unrealized foreign exchange (gain) loss on indebtedness, net, (iii) restructuring or related impairment expenses (not to exceed $11 million in 2005, $4 million in 2006, $3.5 million in 2007 and $1.5 million in each year thereafter), (iv) reserves for inventory in connection with plant closings, (v) stock-based and other non-cash compensation charges, charges from forgiveness of loans made to employees in connection with the purchase of equity and any tax gross-up payments made in respect of such loan forgiveness in connection with or prior to the completion of our initial public offering, (vi) certain transaction costs, including costs incurred in connection with our initial public offering and the related debt financing and the legal reorganization of Brazilian subsidiaries, (vii) costs associated with payments to management prior to the completion of our initial public offering in connection with the termination of incentive plans, (viii) non-cash charges resulting from the application of purchase accounting, (ix) any fees, expenses or charges deducted in computing net income which have been determined by management, which determination is reasonably acceptable to the administrative agent under our credit facility, to be non-recurring by virtue of changes in our method of operations pursuant to our cost reduction programs, (x) non-cash losses (net of non-cash gains) resulting from marking-to-market hedging obligations, (xi) non-cash expenses resulting from the granting of stock options, restricted stock or restricted stock unit awards under equity compensation programs solely with respect to our common stock and (xii) expenses not exceeding $5 million per year incurred as a result of the repurchase, redemption or retention of common stock earned under equity compensation programs solely in order to make withholding tax payments. Adjusted EBITDA, as defined in the credit facility and calculated below, may not be comparable to similarly titled measurements used by other companies. The following table provides a reconciliation from net cash provided by operating activities, which is the most directly comparable GAAP financial measure, to EBITDA and Adjusted EBITDA:

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(A) Restructuring expenses, plus related reserves for inventory of $696 in connection with plant closings which are classified in cost of products sold, that can be added back to determine Adjusted EBITDA were capped at $11,000 for 2005.

(B) In accordance with the definition of Adjusted EBITDA in our credit facility, certain fees, expenses and charges deducted in computing net income determined by us to be non-recurring, which determination was accepted by the administrative agent under the facility, by virtue of changes in our method of operations pursuant to our cost reduction programs have been added back to Adjusted EBITDA for the three and nine month periods ended September 30, 2006 and September 30, 2005. These expenses and charges include certain operating costs incurred in connection with the transition of production operations from a closed facility to another facility and are described in the following tables:

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