Kadant authorizes share repurchase program of up to US$30M of equity securities, effective Nov. 6 through Nov. 6, 2012
October 26, 2011
– Kadant Inc. (NYSE:KAI - News) announced today that its board of directors has authorized the repurchase of up to $30 million of its equity securities effective November 6, 2011 through November 6, 2012. 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 February 13, 2008. Through October 26, 2011, under the existing $20 million authorization that will expire on November 5, 2011, the Company has repurchased 429,715 shares of its common stock for an aggregate purchase price of approximately $9.4 million.
Kadant Inc. is a leading supplier to the global pulp and paper industry. Our stock-preparation, fluid-handling, doctoring, and water-management equipment and systems 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 $270 million in 2010 and 1,600 employees in 16 countries worldwide. For more information, visit www.kadant.com.