Kadant Awarded $10 Million Order for Fiber Processing Systems

Rhea-AI Summary

Kadant Inc. (NYSE: KAI) announced orders worth approximately $10 million from an Asian containerboard producer to supply recycled fiber processing systems. These orders, booked in Q4 2020, aim to process recycled corrugated boxes for top liner production in corrugated packaging, with shipments expected in 2021. The company's leadership in fiber processing technology and strong reputation were crucial to securing this contract, as highlighted by CEO Jeffrey L. Powell.

Positive

• Secured $10 million in orders from an Asian containerboard producer.
• Orders enhance Kadant's position in the recycled fiber processing market.

Negative

• None.

WESTFORD, Mass., Dec. 14, 2020 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE: KAI) announced it received two orders to supply recycled fiber processing systems from a containerboard producer in Asia with a value of approximately $10 million. The equipment will be used to process recycled corrugated boxes and produce top liner used in corrugated packaging. The orders were booked in the fourth quarter of 2020 and are expected to ship in 2021.

“We are pleased to have been selected to supply the fiber processing systems for these recycled containerboard machines,” said Jeffrey L. Powell, president and chief executive officer of Kadant. “Our leading position in fiber processing technology combined with our strong reputation for providing high-performance equipment were critical factors in being awarded this order.”

About Kadant
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 approximately 2,700 employees in 20 countries worldwide. For more information, visit www.kadant.com.

Safe Harbor Statement
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, technologies, and markets. These forward-looking statements represent our expectations as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to 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 28, 2019 and subsequent filings with the Securities and Exchange Commission.

Contacts
Investor Contact Information:
Michael McKenney, 978-776-2000
IR@kadant.com
or
Media Contact Information:
Wes Martz, 269-858-2748
media@kadant.com

FAQ

What is the value of the orders received by Kadant Inc. in December 2020?

Kadant Inc. received orders valued at approximately $10 million.

When were the orders for recycled fiber processing systems booked?

The orders were booked in the fourth quarter of 2020.

What will the recycled fiber processing systems be used for?

The systems will process recycled corrugated boxes and produce top liner used in corrugated packaging.

When is Kadant Inc. expected to ship the new equipment?

The equipment is expected to ship in 2021.

Who is the CEO of Kadant Inc.?

The CEO of Kadant Inc. is Jeffrey L. Powell.