Kadant Inc. was incorporated as a wholly-owned subsidiary of Thermo Fisher (formerly known as 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 Fisher began 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.
While Kadant is a relatively new name, and became a fully independent public company in 2001, many of our businesses have been serving industrial customers for more than 100 years. Through a combination of acquisitions and internal development, we continue to strengthen our position as a leading supplier to global processes.
Today, Kadant is a leading supplier of technology-based systems for the global pulp and paper industry as well as other process industries. Our equipment plays a critical role in nearly every stage of paper production and paper recycling, enhancing process efficiency and product quality for our customers.