Kadant: Share Repurchase
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WESTFORD - 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 18, 2016 through May 18, 2017. 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 May 18, 2016, under the existing $20 million authorization that will expire on May 20, 2016, the Company has repurchased 143,242 shares of its common stock for an aggregate purchase price of approximately $5.9 million, or an average of $40.95 per share.
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 revenue of $390 million in fiscal year 2015 and 2,000 employees in 18 countries worldwide. For more information, visit www.kadant.com