WESTFORD, Mass.--(BUSINESS WIRE)--Aug. 14, 2017--
Kadant Inc. (NYSE: KAI) announced today the completion of its
acquisition of certain assets of Unaflex, LLC for $31 million in cash,
subject to a post-closing adjustment. Unaflex is a leading manufacturer
of expansion joints and related products for process industries.
Expansion joints, also known as compensators, are used in industrial
piping systems to absorb thermal movement. They are commonly used in
industries such as petrochemical, power generation, and water treatment,
among others.
“Our acquisition of the Unaflex business, a leader in the design and
manufacture of elastomeric, metal, and fabric expansion joints, will
broaden our product portfolio offered to process industries that require
critical components for maximum uptime and operational efficiency,” said
Jonathan Painter, president and chief executive officer of Kadant Inc.
“With parts and consumables making up virtually all the company’s
revenue stream, it fits well with our strategy of growing our
aftermarket business and we expect the company to be a solid addition to
our Fluid-Handling product line.”
Unaflex, LLC has its principal operation in South Carolina with
approximately 140 employees and 2016 revenue of $18 million.
About Kadant
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 approximately 2,300 employees in 20
countries worldwide. For more information, visit www.kadant.com.
Safe Harbor Statement
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 financial
and operating performance of the acquired business, the benefits of the
transaction, and the expected future business and financial performance
of the acquired business. Important factors could cause actual results
to differ materially from those indicated by such statements, including:
the ability to consummate the transaction, our ability to successfully
integrate the acquired business and realize anticipated benefits from
the transaction, unanticipated disruptions to the business, general and
regional economic conditions, and the future performance of the acquired
business as well as other 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;
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/20170814005966/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
