Kadant Inc. announced today that it has acquired all of the outstanding shares of RT Holding GmbH, the parent corporation of a group of companies known as the PAALGROUP (PAAL) for approximately 51 million Euros in cash, or approximately USD $58 million.
PAAL manufactures channel balers and related equipment used in the processing of recyclable and waste materials. The company is headquartered in Germany and has operations in Germany, the United Kingdom, France, and Spain.
“Our acquisition of PAAL broadens our product portfolio and extends our presence deeper into recycling and waste management,” said Jonathan W. Painter, president and chief executive officer of Kadant Inc. “With its strong aftermarket business and emphasis on product innovation, PAAL is an excellent fit with Kadant.”
Franzotto Hornung, president and chief executive officer of PAAL, commented, “We are excited to join Kadant and become a part of this dynamic organization. Kadant's global platform and business model offers a number of exciting opportunities to extend PAAL's leading market position in Europe to geographic regions around the globe.”
