Kadant to Acquire German Blade Manufacturer Joh. Clouth
WESTFORD, Mass., June 17, 2021 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE:KAI) has entered
into a definitive agreement to acquire Joh. Clouth GmbH & Co. KG and its affiliates (“Clouth”) for approximately 78 million Euros in cash, subject to certain customary adjustments. Clouth is a
leading manufacturer of doctor blades and related equipment used in the production of paper, packaging, and tissue.
“Our acquisition of Clouth brings together two global market leaders to create an even stronger portfolio of doctor blades used in creping, scraping, cleaning, and coating applications,” said Jeffrey L. Powell, president and chief executive officer of Kadant Inc. “Clouth’s first-class management team has built a solid reputation in its core markets and established a formidable presence in Europe, Asia, and North America with 92% of its revenue from parts and consumables. We are delighted to welcome Clouth employees to the Kadant family.”
“After nearly 150 years of building a world-class reputation for quality doctor blades, we are excited about this new chapter in our company's history,” said Peter Kochenrath, chief executive officer of Clouth. “Kadant’s relentless focus on serving customers with high-performance products and service is consistent with our business approach and positions Clouth well for continued growth.”
Clouth was founded in 1874 in Germany and has 205 employees based in Germany and Poland. The company had revenue of approximately 41 million Euros in 2020. Clouth will become part of Kadant’s Flow Control reporting segment upon the closing, which is expected to occur in the third quarter of 2021.
Kadant will hold a conference call and webcast on Thursday, June 17, 2021 at 1:00 p.m. eastern time to discuss the pending acquisition. To listen to the call and view the webcast, go to the “Investors” section of the Company’s website at www.kadant.com. To participate in the question and answer session, dial 888-326-8410 within the U.S., or +1-704-385-4884 outside the U.S., and reference participant passcode 4144889. A replay of the webcast will be available on the Company’s website through July 2, 2021.
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 2,600 employees in 20 countries worldwide. For more information, visit www.kadant.com.