Kadant is strengthening its presence in the forest products industry. The company announced it would acquire NII FPG Company's forest products business, a US company with 275 employees.
US technology firm Kadant has announced it will take over the forest products business of NII FPG Company in the USA. The purchase price was put at $173m. Kadant expects the transaction to close in July 2017.
NII FPG Company designs and manufactures equipment used by sawmills, veneer mills, and other manufacturers in the forest products industry. The company also designs and produces harvesting equipment used in cutting, gathering, and removing timber from forest plantations. The forest products business includes two primary manufacturing sites and approximately 275 employees worldwide and booked sales revenues of $81m in 2016.
"Our acquisition [...] extends our presence deeper into the forest products industry and complements our existing wood processing product line," said Jonathan Painter, president and CEO of Kadant. "We expect the company will make a strong contribution to our business," he added.