It is called "Skinner Ribbon" and it is literally a long flat element that is rather wrinkly like crepe paper and wound up to form the cylinder. The wrinkles don't mesh so it creates a large number of very small openings that provide the filter effect. The ribbon is actually some kind of phenolic material I think which makes it quite strong mechanically.
You may get by simply allowing it to dry out thoroughly and is should shrink back to normal size. If not, I have a few NOS elements available.
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Some of the early models had a piece of flocked screen rolled into cylinder and used as an air filter. They were not very durable and did not retain their shape very well.
Mark