Kadant was incorporated as a wholly owned subsidiary of Thermo Electron in November 1991, and at that time was named Thermo Fibertek Inc. A year later, we conducted an initial public offering of our common stock and became a majority-owned public subsidiary of Thermo. In 2000, Thermo decided to spin off our business as part of a major reorganization that would allow it to focus on its scientific instruments business. On July 12, 2001, we changed our name from Thermo Fibertek Inc. to Kadant Inc., and on August 8, 2001, we were spun off from Thermo as a fully independent public company.
Thermo Electron includes the tax basis information on its Web site at http://ir.thermofisher.com Click on the FAQs link found in the side navigation and then select the question, “How do I calculate the tax basis for shares I received in Kadant Inc.” The answer to the question includes guidance in the form of a letter to shareholders and a worksheet for calculating the tax basis of your Kadant shares received in the stock distribution. You will need to know the basis of your Thermo shares in order to calculate the tax basis of your Kadant shares received in the spinoff.
Kadant’s common stock is listed on the New York Stock Exchange and trades under the ticker symbol KAI.
Any questions related to the issuance of stock certificates, change of ownership, lost stock certificates, or change of address should be directed to the company’s transfer agent, Equiniti Trust Company, which maintains our shareholder activity records. For these and similar matters, please direct inquiries to:
Equiniti Shareholder Services Department
55 Challenger Road, Suite 200B 2nd Floor
Ridgefield Park, NJ 07660
Website: www.equiniti.com
Please refer to the following table for a history of Kadant’s (previously known as Thermo Fibertek) stock splits.
| Split | Form | Record Date | Payment/Effective Date |
|---|---|---|---|
| 2-for-1 | 100% stock dividend | 09/17/92 | 09/17/92 |
| 3-for-2 | 50% stock dividend | 09/1/95 | 09/15/95 |
| 3-for-2 | 50% stock dividend | 06/12/96 | 06/26/96 |
| 1-for-5 | Reverse stock dividend | 07/12/01 | 07/12/01 |
Shareholders with stock certificates representing shares of Thermo Fibertek should contact our transfer agent, Equiniti Shareholder Services Department (see above), to exchange those certificates for Kadant Inc. split-adjusted stock certificates.
Because of Kadant’s spinoff from Thermo Electron Corporation in 2001, some Kadant stock certificates may carry a self-expiring restrictive legend. This legend is designed to automatically expire after specific conditions are met and does not require a legal opinion for removal. However, if you encounter any difficulties in the process, we can help you work with Equiniti Trust Company (Equiniti) to resolve the issue.
If you have a stock certificate with a restrictive legend you want removed, please follow the instructions below:
Email photos of the front and back of the physical stock certificate(s) to Stacy Krause (stacy.krause@kadant.com). If shares are in book-entry form, include the stockholder’s name, the number of shares, and the account number. At a minimum, we need the proper name on the account. Then, mail the original stock certificate(s) to Janice Santiago at the address below via overnight delivery signature required. Equiniti will remove the legend and convert your shares to book-entry form, if necessary.
Equiniti Trust Company, LLC
55 Challenger Road, 2nd Floor
Ridgefield Park, NJ 07660
Attn: Janice Santiago
In the event of a lost stock certificate, you must work with Equiniti to complete a Lost Stock Affidavit. Please note that Equiniti will charge a 10% indemnity fee based on the value of the lost shares as part of their processing.
No, Kadant Inc. has neither a dividend reinvestment plan nor a direct stock purchase plan.
Yes, please refer to the Dividend/Split History page of our website for details. Future declarations of dividends are subject to board approval and may be adjusted as business needs or market conditions change.
Investors can contact Kadant’s chief financial officer, Michael McKenney, by sending an e-mail to mike.mckenney@kadant.com.
Shareholders and other interested parties who wish to contact our board of directors may do so by writing to:
Board of Directors
c/o Corporate Secretary
Kadant Inc.
One Technology Park Drive
Westford, MA 01886