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Subsequent Events | 9 Months Ended
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Sep. 28, 2013
Subsequent Events [Abstract] |
Subsequent Events |
14. | Subsequent Events
Acquisition On November 6, 2013, the Company acquired all the outstanding shares of Carmanah Design and Manufacturing Inc. (Carmanah) for approximately Canadian dollars (CAD) 54,000,000 in cash, or approximately $52,000,000, subject to a post-closing adjustment. Carmanah is a designer and manufacturer of stranders and related equipment used in the production of oriented strand board, an engineered wood panel product used primarily in home construction. At the closing date, CAD 7,000,000 of the purchase price was deposited into an escrow fund to secure certain tax, environmental, and other indemnification obligations of the sellers. The escrow fund, less any claims made, will be released to the sellers in two installments on the 12-month and 18-month anniversaries of the closing. The Company recorded acquisition-related transaction costs of $333,000 in selling, general, and administrative expenses in the third quarter of 2013 related to this acquisition. The acquisition of Carmanah will extend Kadant's presence into the forest products industry and advance the Company's strategy of increasing its parts and consumables business. Revolving Credit Facility On November 1, 2013, the Company entered into a first amendment and limited consent to its 2012 Credit Agreement (First Amendment). The First Amendment extends the maturity date of the revolving credit facility to November 1, 2018, adds Kadant Canada Corp. as an additional foreign subsidiary borrower, and eliminates the financial covenant limiting the Company's capital expenditures. In addition, the First Amendment adds Canadian dollars as a currency and the Canadian Dollar Banker's Acceptance Rate as an index for borrowing in Canadian dollars. In November 2013, the Company borrowed approximately $33,200,000 from available funds under its 2012 Credit Agreement, as amended, to fund the acquisition of Carmanah.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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