Kadant Authorizes Share Repurchase of up to $30M
Kadant Inc. (NYSE: KAI) announced today that its board of directors has authorized the repurchase of up to $30 million of its equity securities effective November 6, 2011 through November 6, 2012. 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 February 13, 2008.
Through October 26, 2011, under the existing $20 million authorization that will expire on November 5, 2011, the Company has repurchased 429,715 shares of its common stock for an aggregate purchase price of approximately $9.4 million.
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