WESTFORD, Mass. -- Kadant Inc. announced the completion of its acquisition of the forest products business of NII FPG Company, a global leader in the design and manufacture of equipment used by sawmills, veneer mills, and other manufacturers in the forest products industry, for approximately $173 million, net of cash acquired, subject to a post-closing adjustment.

The transaction was financed through borrowings under the Company's revolving credit facility. The business will be integrated into Kadant's Wood Processing Segment.

"We are pleased to complete this transaction and welcome our new colleagues from NII FPG to the Kadant family," said Jonathan Painter, president and chief executive officer of Kadant. "With NII FPG's leading position in its markets and a strong parts and consumables business, we are confident the company will be a solid contributor toward achieving our strategic initiative of growing our aftermarket business. NII FPG is an excellent strategic fit with our wood processing product line and we look forward to the value it will create for our customers and our shareholders."

The forest products business of NII FPG Company has 275 employees worldwide and generated revenue of approximately $81 million for the twelve months ended December 31, 2016.

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