Westford, Massachusetts, USA 13 October 2015 -- (BUSINESS WIRE) -- Kadant Inc. (NYSE:KAI) today announced it received an order totaling approximately $7 million from a paper producer in Southern Europe for recycled fiber processing equipment to be used in the production of packaging.
"We are pleased to have been selected to provide this turn-key recycled fiber processing line for a major rebuild project in Southern Europe," commented Jonathan W. Painter, president and chief executive officer of Kadant. "This rebuild is significant in that it is part of a broader trend of converting a machine's production from printing and writing grades to containerboard used for packaging. As these types of conversions make increasingly more economic sense to the paper industry, Kadant is well positioned to leverage its expertise and broad product offerings used in containerboard production."
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 revenues of $402 million in fiscal 2014 and 1,800 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 about our products and technologies. 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 quarterly report on Form 10-K for the year ended January 3, 2015 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 revenue 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; 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.