Westford, Massachusetts, USA, 22 October 2008 -- (BUSINESS WIRE) -- Kadant Inc. (NYSE:KAI) announced today that its board of directors has authorized the repurchase of up to an additional USD 30 million of its equity securities, effective 22 October 2008 through 22 October 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 the credit agreement entered into on 13 February 2008. Through 22 October 2008, under the existing USD 30 million authorization approved on 05 May 2008, the company has repurchased 1,069,300 shares of its common stock for an aggregate purchase price of approximately USD 25.6 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. The company's fluid-handling products also are used to optimize production in the steel, rubber, plastics, food, and textile industries. In addition, Kadant produces granules from papermaking byproducts for agricultural and lawn and garden applications. Kadant is based in Westford, Massachusetts. It had revenues of USD 366 million in 2007 and has 2000 employees in 16 countries worldwide. For more information, visit www.kadant.com.