Key Knife: Kadant Completes Acquisition of Key Knife, Inc.

WESTFORD, Mass., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE:KAI) has completed its previously announced acquisition of Key Knife, Inc. and certain of its affiliates ("Key Knife") for approximately $156 million in cash, subject to certain customary adjustments. The acquisition was financed primarily through borrowings under Kadant's revolving credit facility. Key Knife is a global supplier of engineered knife systems for custom chipping, planing, and flaking solutions for wood product industries. Its products enable wood processing mills to improve fiber recovery, product quality, and maximize production while lowering operating costs. The company is headquartered in Tualatin, Oregon with 141 employees located primarily in the United States and Canada. Key Knife's revenue for the trailing twelve months ended September 30, 2023 was approximately $65 million. Key Knife will become part of Kadant's Industrial Processing reporting segment. "We are pleased to complete this transaction and welcome our new colleagues from Key Knife to the Kadant family," said Jeffrey L. Powell, president and chief executive officer of Kadant. "Our acquisition of Key Knife expands our product portfolio and strengthens our respective positions in wood processing industries. We look forward to extending Key Knife's strong brand into new markets and leveraging Kadant's global sales network." Conference CallKadant will hold a conference call and webcast on Monday, January 8, 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 of the Company's website at www.kadant.com. Participants interested in joining the call's live question and answer session are required to register by clicking Full story available on Benzinga.com