Kadant plans to repurchase $30 million in shares

The board of Kadant Inc. approved $30 million to repurchase shares over the next year, the Westford-based supplier to the paper industry said today.

(At right, an image from the company's website shows a fiber-processing system used in stock preparation.)

At the stock's opening price of $25.94 this morning on the New York Stock Exchange, the allocation would buy about 1.2 million shares. That would be about 8 percent of the 14.3 million shares the company had outstanding on March 29.

Kadant said the move comes on top of the $15.5 million it has spent to buy 583,000 shares through May 2. (AP)