Kadant Receives $3.8 Million Order from Linerboard Producer in China
ACTON, Mass.--(BUSINESS WIRE)--Jan. 13, 2004--Kadant Inc. (NYSE:KAI) has received an order for a stock-preparation system valued at approximately $3.8 million that will be used for the production of recycled linerboard and other packaging materials in China. The system, to be supplied by the company's Kadant Black Clawson Inc. subsidiary, incorporates advanced pulping, screening, and cleaning technologies to recycle usable fiber from corrugated containers and prepare it for entry into the paper machine.
"This order brings our total bookings from China in 2003 to approximately $37 million - a record for the year and double the amount booked in 2002," said William A. Rainville, president and chief executive officer of Kadant. "Our strong presence in China has allowed Kadant to become a key supplier to many of the mill expansion projects now under way for recycled-paper production. I recently returned from a trip to Beijing, where I visited the site of our future assembly plant. The facility will allow us to better serve this growing market by giving us an even stronger local presence, lowering our production costs, and providing a platform for introducing additional aftermarket products and services."
Kadant Black Clawson Inc., based in Mason, Ohio, is a leading fiberline process equipment supplier that designs, manufactures, and services equipment used in paper recycling, chemical pulping, and paper machine approach-flow systems.
Kadant Inc. is a leading supplier of a range of products for the global papermaking and paper recycling industries, including stock-preparation equipment, water-management systems, and papermaking accessories. We also develop and manufacture composite building materials produced from recycled fiber and plastic. Kadant, based in Acton, Massachusetts, had revenues of $186 million in 2002 and approximately 1,100 employees worldwide. For more information, please 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 our business in China. 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 September 27, 2003. These include risks and uncertainties relating to our dependence on the pulp and paper industry; international sales and operations; competition; ability to manufacture and distribute composite building products, and the seasonality in sales and the long-term performance of such products; availability of raw materials and exposure to commodity price fluctuations related to the manufacture of composite and fiber-based products; acquisition strategy; protection of patents and proprietary rights; fluctuations in quarterly operating results; and obligations or other consequences arising from our spinoff from Thermo Electron Corporation. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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SOURCE: Kadant Inc.