WESTFORD, Mass., Oct 26, 2011 (BUSINESS WIRE) --
Kadant Inc. (NYSE:KAI) announced today that its board of directors has
authorized the repurchase of up to $30 million of its equity securities
effective November 6, 2011 through November 6, 2012. Repurchases may be
made in public or private transactions, including under Securities
Exchange Act Rule 10b-5-1 trading plans. The timing and amount of any
repurchases will be at the discretion of Company management and will be
based on market conditions and other considerations, including
limitations contained in our credit agreement entered into on February
13, 2008. Through October 26, 2011, under the existing $20 million
authorization that will expire on November 5, 2011, the Company has
repurchased 429,715 shares of its common stock for an aggregate purchase
price of approximately $9.4 million.
Kadant Inc. is a leading supplier to the global pulp and paper industry.
Our stock-preparation, fluid-handling, doctoring, and water-management
equipment and systems are designed to increase efficiency and improve
quality in pulp and paper production. Many of our products, particularly
in our fluid-handling product line, are also used to optimize production
in other process industries. In addition, we produce granules from
papermaking byproducts for agricultural and lawn and garden
applications. Kadant is based in Westford, Massachusetts, with revenues
of $270 million in 2010 and 1,600 employees in 16 countries worldwide.
For more information, visit www.kadant.com.
The following constitutes a "Safe Harbor" statement under the Private
Securities Litigation Reform Act of 1995: This press release contains
forward-looking statements that involve a number of risks and
uncertainties, including forward-looking statements regarding any plans
to repurchase our equity securities. Our actual results may differ
materially from these forward-looking statements as a result of various
important factors, including those set forth under the heading "Risk
Factors" in Kadant's quarterly report on Form 10-Q for the period ended
July 2, 2011. These include risks and uncertainties relating to our
dependence on the pulp and paper industry; significance of sales and
operation of manufacturing facilities in China; our ability to expand
capacity in China to meet demand; commodity and component price
increases or shortages; international sales and operations; competition;
soundness of suppliers and customers; our effective tax rate; future
restructurings; soundness of financial institutions; our debt
obligations; restrictions in our credit agreement; litigation and
warranty costs related to our discontinued operation and the court
approval of the recently filed settlement; our acquisition strategy;
protection of patents and proprietary rights; fluctuations in our share
price; and anti-takeover provisions. We undertake no obligation to
publicly update any forward-looking statement, whether as a result of
new information, future events, or otherwise.
SOURCE: Kadant Inc.
Thomas M. O'Brien, 978-776-2000
Wes Martz, 269-278-1715