Kadant Inc. announced it has completed its acquisition of Balemaster for US$54 million in cash, subject to certain customary adjustments.
Balemaster is a U.S. manufacturer of horizontal balers and related equipment used primarily for recycling packaging waste at corrugated box plants and large retail and distribution centres.
The company’s revenue for the trailing twelve months ended June 30, 2021 was approximately $22 million. Balemaster will become part of Kadant’s Material Handling reporting segment.
“Our acquisition of Balemaster expands our presence in the secondary material processing sector and creates new opportunities for leveraging our high-performance balers produced in Europe,” said Jeffrey L. Powell, president and chief executive officer of Kadant Inc.
“The company is a market leader in North America and its strong aftermarket business fits well with Kadant. We are excited to welcome the employees of Balemaster to the Kadant family.”
“We are proud of the strong brand and market presence Balemaster has built over the past 75 years,” said Cornel Raab, president of Balemaster.
“Kadant is a world-class company with a similar culture and values as our family-built business, and we believe it is a great home for our company and employees.”
Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide. It is based in Westford, Massachusetts, with approximately 2,900 employees in 21 countries worldwide.