WESTFORD, Mass.--(BUSINESS WIRE)--Nov. 4, 2009--
Kadant Inc. (NYSE:KAI) announced today that its board of directors has
authorized the repurchase of up to $20 million of its equity securities
effective November 4, 2009 through November 4, 2010. 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 corporate considerations, including
limitations contained in our credit agreement entered into on February
13, 2008. The Company’s previous share repurchase authorization expired
in October 2009.
Kadant Inc. is a leading supplier to the global pulp and paper industry,
with a range of products and services for improving efficiency and
quality in pulp and paper production, including paper machine
accessories and systems for stock preparation, fluid handling, and water
management. Our fluid-handling products are also used to optimize
production in the steel, rubber, plastics, food, and textile 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 $329 million in 2008 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. Important factors that could cause
actual results to differ materially from those indicated by such
statements are set forth under the heading “Risk Factors” in Kadant’s
quarterly report on Form 10-Q for the period ended July 4, 2009. These
include risks and uncertainties relating to worldwide and local economic
conditions as well as the pulp and paper industry; our debt obligations;
restrictions in our credit agreement and compliance with covenants;
future restructurings; significance of sales and operation of
manufacturing facilities in China; international sales and operations;
competition; soundness of suppliers and customers; soundness of
financial institutions; litigation and warranty costs related to our
discontinued operation; our acquisition strategy; factors influencing
our fiber-based products business; 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.
Kadant Inc.
Investor contact:
Thomas M. O’Brien, 978-776-2000
or
Media
contact:
Wes Martz, 269-278-1715
