KAI - Kadant Acquires KWS Manufacturing Company | Benzinga
WESTFORD, Mass., Jan. 24, 2024 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE:KAI) today announced it has completed the acquisition of KWS Manufacturing Company, Ltd. ("KWS") for approximately $84 million in cash, subject to certain customary adjustments. The acquisition was financed primarily through borrowings under Kadant's revolving credit facility.
KWS is a leading manufacturer of conveying equipment for the bulk material handling industry. The company manufactures screw conveyors, screw feeders, slide gates, and bucket elevators for process industries, including the food, chemicals, and wood industries. Located in Burleson, Texas, with approximately 165 employees, KWS had revenue of $45 million for the trailing twelve months ended September 30, 2023. KWS will become part of Kadant's Material Handling reporting segment.
"We are pleased to welcome our colleagues from KWS to the Kadant family," said Jeffrey L. Powell, president and chief executive officer of Kadant. "Our acquisition of KWS expands our respective product portfolios and enhances our internal capabilities. With our shared focus on bringing highly engineered customer solutions to process industries and our past successes working together, we believe KWS is an excellent fit with Kadant."
William C. Mecke, president of KWS, commented, "We are proud of the leading position KWS has established in the screw conveyor market. Our reputation for quality products and excellent service fits well with Kadant's culture and values. We look forward to being a part of Kadant and leveraging opportunities to increase value for our customers and other stakeholders."
Conference Call
Kadant will hold a conference call and webcast on Monday, January 29, 2024 at 1:00 p.m. eastern time to discuss the acquisition. To listen to the call and view the webcast, go to the "Investors" section ...