Kadant Authorizes Share Repurchase
May 17 2017 - 4:24PM
Business Wire
Kadant Inc. (NYSE: KAI) announced today that its Board of
Directors has authorized the repurchase of up to an additional $20
million of its equity securities effective May 17, 2017 through May
17, 2018. 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 March 1, 2017.
Through May 17, 2017, under the existing $20 million authorization
that will expire on May 18, 2017, the Company has not repurchased
any shares of its common stock.
Kadant Inc. is a global supplier of high-value, critical
components and engineered systems used in process industries
worldwide. The Company’s products, technologies, and services play
an integral role in enhancing process efficiency, optimizing energy
utilization, and maximizing productivity in resource-intensive
industries. Kadant is based in Westford, Massachusetts, with 2,000
employees in 18 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 annual report on Form
10-K for the year ended December 31, 2016 and subsequent filings
with the Securities and Exchange Commission. These include risks
and uncertainties relating to adverse changes in global and local
economic conditions; the variability and difficulty in accurately
predicting revenues from large capital equipment and systems
projects; the variability and uncertainties in sales of capital
equipment in China; currency fluctuations; our customers’ ability
to obtain financing for capital equipment projects; changes in
government regulations and policies; the oriented strand board
market and levels of residential construction activity; development
and use of digital media; price increases or shortages of raw
materials; dependence on certain suppliers; international sales and
operations; economic conditions and regulatory changes caused by
the United Kingdom’s likely exit from the European Union;
disruption in production; our acquisition strategy; our internal
growth strategy; competition; soundness of suppliers and customers;
our effective tax rate; future restructurings; soundness of
financial institutions; our debt obligations; restrictions in our
credit agreement; loss of key personnel; reliance on third-party
research; 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170517006293/en/
Kadant Inc.Investor Contact Information:Michael McKenney,
978-776-2000mike.mckenney@kadant.comorMedia Contact Information:Wes
Martz, 269-278-1715wes.martz@kadant.com
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