Key Developments For K-Tron International Inc
K-Tron International Inc (KTII.O) (Nasdaq)
K-Tron International, Inc. Elects Robert E. Wisniewski As New Chief Financial Officer
K-Tron International, Inc. announced that Robert E. Wisniewski has been elected as Senior Vice President, Chief Financial Officer (CFO) and Treasurer, effective May 30, 2009, replacing Ronald R. Remick who will retire on that date.
K-Tron International, Inc. Announces Share Repurchase Program
K-Tron International, Inc. announced that its Board of Directors have authorized the Company to repurchase up to $10 million of its outstanding common stock. At March 18, 2009, the Company had outstanding 2,804,288 shares of its common stock. Share repurchases, if any, will be funded with available cash, borrowings under the Company's credit facility or a combination of both. Repurchases under the program may be made through open market purchases at prevailing market prices or in privately negotiated transactions. The program will expire on March 6, 2010, unless extended.
K-Tron International, Inc. Acquires Rader Companies, Inc.
K-Tron International, Inc. announced that its subsidiary, Jeffrey Specialty Equipment Corporation, has acquired of all of the stock of privately-held Rader Companies, Inc. (Rader). The purchase price was $15.945 million, all of which was paid in cash, including a $2.3 million escrow. The purchase price is subject to adjustment based on Rader's net working capital on the closing date. The Company financed the Rader acquisition by borrowing the full amount of the purchase price under its existing credit facility with Citizens Bank of Pennsylvania. At the sellers' direction, $3.798 million of the purchase price was delivered to Rader on the closing date to satisfy indebtedness owed to Rader by two other companies also owned by the sellers. This cash, together with other cash of Rader, was then used to pay off all of that company's bank debt, which amounted to approximately $3.832 million.
K-Tron International, Inc. Completes Acquisition Of Chinese Business; Creates New Company
K-Tron International, Inc. announced that is has closed its agreement to acquire certain assets of Wuxi Chenghao Machinery Co., Ltd., a privately owned company in the People's Republic of China (PRC). The purchased assets were transferred from the seller to a newly created Wholly Foreign Owned Enterprise (WFOE) established by the Company which will conduct business under the name Wuxi K-Tron Colormax Machinery Co., Ltd. The total cost of the transaction over a five- year period, including the purchase price and payments under related employment and other arrangements with Wuxi Chenghao's owner, could be as much as approximately $3.5 million.
K-Tron International, Inc. Announces Acquisition Of Assets
K-Tron International, Inc. announced the signing of a definitive agreement to acquire certain assets of Wuxi Chenghao Machinery Co., Ltd. Wuxi Chenghao is a privately held company and is one of the feeder and ancillary equipment manufacturers for the plastics compounding and injection industries in the People's Republic of China. The total cost of the transaction over a five-year period, including the purchase price and payments under related employment and other arrangements with Wuxi Chenghao's current owner, could be as much as approximately $3.5 million. The acquisition is expected to close early in 2007.
