WESTFORD, Mass.--(BUSINESS WIRE)--Oct. 29, 2012--
Kadant Inc. (NYSE:KAI) announced today that its board of directors has
authorized the repurchase of up to $20 million of its equity securities
effective November 7, 2012 through November 7, 2013. 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 August 3,
2012. Through October 29, 2012, under the existing $30 million
authorization that will expire on November 6, 2012, the Company has
repurchased 669,725 shares of its common stock for an aggregate purchase
price of approximately $14.6 million.
Kadant Inc. is a leading supplier to the global pulp and paper industry.
Our stock-preparation; fluid-handling; and doctoring, cleaning, and
filtration products are designed to increase efficiency and improve
quality in pulp and paper production. Many of our products, particularly
in our fluid-handling product line, are also used to optimize production
in other process 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 $335 million in 2011 and 1,700 employees in 17 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 quarterly report on Form 10-Q for the quarter ended
June 30, 2012. 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; our ability to adjust
operating costs and manufacturing sufficiently in China to meet demand;
commodity and component price increases or shortages; international
sales and operations; competition; soundness of suppliers and customers;
our effective tax rate; future restructurings; soundness of financial
institutions; our debt obligations; restrictions in our credit
agreement; litigation costs related to our discontinued operation; our
acquisition strategy; 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
