Kadant is to acquire Syntron Material Handling from entities affiliated with Levine Leichtman Capital Partners as part of a strategy to expand its footprint in process industries. The $179 million deal is expected to close in January 2019.
Syntron is a provider of material handling equipment and systems to various process industries including aggregates. Also, the company manufactures conveying and vibratory equipment at its facilities in Tupelo, Mississippi and Changshu, China under the Link-Belt and Syntron brands.
Jonathan Painter, president and chief executive officer of Kadant, says: “Like Kadant, Syntron’s technology adds high value to critical processes in resource-intensive industries and is a leader in its markets with a history of stable earnings and a strong aftermarket business. In addition, Syntron has an excellent management team which we expect will make a strong contribution to our business.”
Syntron has approximately 250 employees worldwide and its trailing 12 months revenue ended 31 October 2018, was approximately $89 million.
The transaction is subject to the satisfaction of customary closing conditions.