Courtesy of Benzinga.
Kadant (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.
