Kadant Inc. (NYSE:KAI) announced today that its board of directors has
authorized the repurchase of up to $30 million of its equity securities
effective May 5, 2008 through May 5, 2009. 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 corporate considerations, including
limitations contained in our credit agreement entered into on February
13, 2008. Through May 2, 2008, under the existing authorization, the
company has repurchased 583,000 shares of its common stock for an
aggregate purchase price of approximately $15.5 million.
Kadant Inc. is a leading supplier to the global pulp and paper industry,
with a range of products and services for improving efficiency and
quality in pulp and paper production, including paper machine
accessories and systems for stock preparation, fluid handling, and water
management. Our fluid-handling products are also used to optimize
production in the steel, rubber, plastics, food, and textile 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 $366 million in 2007 and 2,000
employees in 16 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. Important
factors that could cause actual results to differ materially from those
indicated by such statements are set forth under the heading “Risk
Factors” in Kadant’s
annual report on Form 10-K for the period ended December 29, 2007. 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; international sales and operations; competition;
our debt obligations; restrictions in our credit agreement; litigation
and warranty costs related to our discontinued operation; our
acquisition strategy; future restructurings; factors influencing our
fiber-based products business; protection of patents and proprietary
rights; fluctuations in quarterly operating results; 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.
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