Kadant Inc. has entered into a definitive agreement to acquire Syntron Material Handling Group, LLC (SMH) from entities affiliated with Levine Leichtman Capital Partners.
The acquisition is expected to close in January 2019, subject to the satisfaction of customary closing conditions. Over the past four plus years, SMH has made significant strides investing in and building its business capabilities with the goal of improving cost competitiveness, quote responsiveness and on-time delivery, not to mention, transitioning the company to strengthen working relationships with SMH's distribution partners. The company's executive team will remain with the business and are more than ever committed to its strategy of providing its customers with Proven Engineered Products and Complete Material Handling Solutions.
"Our acquisition of Syntron provides Kadant with premier products and services that extend our footprint into new process industries," said Jonathan Painter, President and Chief Executive Officer of Kadant. "Like Kadant, Syntron's technology adds high value to critical processes in resource-intensive industries and is a leader in its markets with a history of stable earnings and a strong aftermarket business. In addition, Syntron has an excellent management team which we expect will make a strong contribution to our business."
"Syntron and Kadant both offer market-leading products and technologies that deliver exceptional value to their customers," commented Andy Blanchard, President and Chief Executive Officer of Syntron Material Handling. "We are excited to be joining Kadant and we believe there are numerous opportunities to leverage both companies' competitive advantages."
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/11122018/kadant-enters-into-definitive-agreement-to-acquire-syntron-material-handling/