Kadant increases revolver to $300 million, plans draw for acquisition

By Angela McDaniels

Tacoma, Wash., May 30 – Kadant Inc. increased its revolving credit facility to $300 million from $200 million and plans to use borrowings under the revolver to finance the acquisition of NII FPG Co.’s forest products business, according to a company news release.

The company agreed to pay $173 million in cash for the business, subject to a post-closing adjustment.

The transaction is expected to close in July.

Kadant makes components and engineered systems used in process industries and is based in Westford, Mass.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.