WESTFORD, Mass.--(BUSINESS WIRE)--May 17, 2017--
Kadant Inc. (NYSE: KAI) announced today that its Board of Directors has
authorized the repurchase of up to an additional $20 million of its
equity securities effective May 17, 2017 through May 17, 2018.
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 March 1, 2017. Through May 17, 2017, under the existing
$20 million authorization that will expire on May 18, 2017, the Company
has not repurchased any shares of its common stock.
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 2,000 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 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 annual report on Form 10-K for the year ended
December 31, 2016 and subsequent filings with the Securities and
Exchange Commission. These include risks and uncertainties relating to
adverse changes in global and local economic conditions; the variability
and difficulty in accurately predicting revenues from large capital
equipment and systems projects; the variability and uncertainties in
sales of capital equipment in China; currency fluctuations; our
customers’ ability to obtain financing for capital equipment projects;
changes in government regulations and policies; the oriented strand
board market and levels of residential construction activity;
development and use of digital media; price increases or shortages of
raw materials; dependence on certain suppliers; international sales and
operations; economic conditions and regulatory changes caused by the
United Kingdom’s likely exit from the European Union; disruption in
production; our acquisition strategy; our internal growth strategy;
competition; soundness of suppliers and customers; our effective tax
rate; future restructurings; soundness of financial institutions; our
debt obligations; restrictions in our credit agreement; loss of key
personnel; 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170517006293/en/
Source: Kadant Inc.
Kadant Inc.
Investor Contact Information:
Michael McKenney,
978-776-2000
mike.mckenney@kadant.com
or
Media
Contact Information:
Wes Martz, 269-278-1715
wes.martz@kadant.com
