Kadant Receives $7.5 Million Order from China
WESTFORD, Mass.--(BUSINESS WIRE)--June 6, 2007--Kadant Inc. (NYSE:KAI) today announced that its Kadant Black Clawson Inc. subsidiary has received a $7.5 million order for stock-preparation systems from one of the leading producers of linerboard in Asia. The systems will be used to produce linerboard from recycled fiber for two mills in China. This order was part of the $10 million of pending orders awaiting down payments previously announced in March of this year.
"This order demonstrates the continued strength of the pulp and papermaking market in China as well as the confidence the leading producers in that region have in our equipment and technology." said William A. Rainville, chairman and chief executive officer of Kadant. "We have received over $40 million in stock preparation orders in China so far this year."
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 applications.
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 $342 million in 2006 and 2,000 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 about the market and demand for our products 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 March 31, 2007. 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; international sales and operations; competition; our debt obligations; restrictions in our credit agreement; future warranty claims associated with the discontinued operation; our acquisition strategy; future restructurings; risks associated with our fiber-based products business; protection of patents and proprietary rights; fluctuations in quarterly operating results; 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.
CONTACT: For Kadant Inc.:
Thomas M. O'Brien, 978-776-2000
SOURCE: Kadant Inc.