WESTFORD, Mass.--(BUSINESS WIRE)--Sep. 18, 2014--
Kadant Inc. (NYSE:KAI) announced that Thomas M. O’Brien, Executive Vice
President and Chief Financial Officer (CFO), will retire from the
Company at the end of June 2015. The Company has begun a search to
identify a successor. Mr. O’Brien will hand off his duties as CFO once a
successor has been named and will assist in the orderly transition of
his CFO responsibilities.
“Tom’s contributions over the past twenty-plus years are evident in
every part of our business,” said Jonathan W. Painter, president and
chief executive officer of Kadant Inc. “He has not only built a strong
deep financial team, he has been a valued member of the senior
management team contributing in all aspects of the Company’s management.
I’m grateful for Tom’s assistance during the transition and wish him all
the best in retirement.”
“I’ve thoroughly enjoyed my years at Kadant and I’m proud of what we
have accomplished. I believe Kadant is well positioned for continued
success and the timing is right for me to begin the next chapter of my
life,” said Mr. O’Brien. “While I’m looking forward to spending more
time with my family in retirement, I will miss my friends and colleagues
at Kadant.”
Mr. O’Brien joined the company in January 1991 and oversees the
controller, treasury, investor relations, and tax functions.
Kadant Inc. is a global supplier of high-value, critical components and
engineered systems used in process industries worldwide. The Company’s
products, technologies, and services play an integral role in enhancing
process efficiency, optimizing energy utilization, and maximizing
productivity in resource-intensive industries. Kadant is based in
Westford, Massachusetts, with revenues of $344 million in 2013 and 1,800
employees in 18 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 our business
and financial performance. 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 June 28,
2014. These include risks and uncertainties relating to our dependence
on process industries; significance of sales and operation of
manufacturing facilities in China; oriented strand board market and
levels of residential construction activity; commodity and component
price increases or shortages; dependence on certain suppliers;
international sales and operations; our acquisition strategy; our
internal growth strategy; fluctuations in currency exchange rates;
competition; soundness of suppliers and customers; our effective tax
rate; future restructurings; soundness of financial institutions; our
debt obligations; restrictions in our credit agreement; reliance on
third-party research; protection of patents and proprietary rights;
failure of our information systems or breaches of data security;
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
