What changed in this filing

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Item 1. Business

2021-03-02 compared with 2020-02-25 · 161 added, 136 removed, 123 unchanged (71% of the section changed)

Throughout this Annual Report on Form 10-K, when we use the terms "we," "us," "our," "Registrant," and the "Company" we mean Kadant Inc., a Delaware corporation, and its consolidated subsidiaries, taken as a whole, unless the context otherwise indicates.

Unless otherwise noted, references to 2019 , 2018 , and 2017 in this Annual Report on Form 10-K are to our fiscal years ended December 28, 2019 , December 29, 2018 , and December 30, 2017 , respectively.

Throughout this Annual Report on Form 10-K, when we use the terms "we," "us," "our," "Registrant," and the "Company" we mean Kadant Inc., and its consolidated subsidiaries, taken as a whole, unless the context otherwise indicates.

trades on the New York Stock Exchange under the ticker symbol "KAI."

Unless otherwise noted, references to 2020, 2019, and 2018 in this Annual Report on Form 10-K are to our fiscal years ended January 2, 2021, December 28, 2019, and December 29, 2018, respectively.

Description of Our Business

We are a global supplier of high-value, critical components and engineered systems used in process industries worldwide.

In addition, we manufacture granules made from papermaking by-products.

We have a diverse and large customer base, including most of the world's major paper producers and lumber and oriented strand board (OSB) manufacturers, as well as various mining and industrial processing companies that require bulk material handling solutions.

Our products, technologies, and services play an integral role in enhancing process efficiency, optimizing energy utilization, and maximizing productivity in resource-intensive industries.

Our operations are comprised of three reportable operating segments, Papermaking Systems, Wood Processing Systems, and Material Handling Systems, and a separate product line, Fiber-based Products.

Through our Papermaking Systems segment, we develop, manufacture, and market a range of equipment and products for the global papermaking, paper recycling, recycling and waste management, and other process industries.

Our principal products include custom-engineered stock-preparation systems and equipment for the preparation of wastepaper for conversion into recycled paper and balers and related equipment used in the processing of recyclable and waste materials;

fluid-handling systems and equipment used in industrial piping systems to compensate for movement and to efficiently transfer fluid, power, and data;

doctoring systems and equipment and related consumables important to the efficient operation of paper machines and other industrial processes;

and filtration and cleaning systems essential for draining, purifying, and recycling process water and cleaning fabrics, belts, and rolls in various process industries.

Through our Wood Processing Systems segment, we develop, manufacture, and market debarkers, stranders, chippers, logging machinery, and related equipment used in the harvesting and production of lumber and OSB.

Through our Material Handling Systems segment, we develop, manufacture, and market material handling equipment and systems, including vibratory and conveying equipment, to various process industries, including mining, aggregates, food processing, packaging, and pulp and paper.

Through our Fiber-based Products business, we manufacture and sell biodegradable, absorbent granules derived from papermaking by-products.

These materials are primarily used as carriers in agricultural, home lawn and garden, professional lawn, turf and ornamental applications, and for oil and grease absorption.

We expect that a significant driver of our growth over the next several years will be the acquisition of businesses and technologies that complement or augment our existing products and services or may involve entry into a new process industry.

We continue to actively pursue additional acquisition opportunities.

Our significant acquisition in 2019 is described below.

On January 2, 2019, we acquired, directly and indirectly, all the outstanding equity interests of Syntron Material Handling Group, LLC and certain of its affiliates (SMH) for $176.9 million, net of cash acquired.

SMH comprises our Material Handling Systems segment, as described above.

This acquisition extended our current product portfolio, and we expect it will strengthen SMH's relationships in the pulp and paper markets.

See Note 2 , Acquisitions, in the accompanying consolidated financial statements for further details.

Papermaking Systems Segment

Our Papermaking Systems segment has a long and well-established history of developing, manufacturing, and marketing a range of equipment and products for the global papermaking, paper recycling, recycling and waste management, and other process industries.

Our operations are comprised of three reportable operating segments, Flow Control, Industrial Processing, and Material Handling.

We have a long and well-established history of developing, manufacturing, and servicing a range of products and equipment used in process industries such as paper, packaging, and tissue;

wood products;

food processing;

and recycling and waste management, among others.

Some of our businesses or their predecessor companies have been in operation for more than 100 years.

Our customer base includes major global paper manufacturers, and we believe we have one of the largest installed bases of equipment in the markets we serve within the pulp and paper industry.

We manufacture our Papermaking Systems products in nine countries in Europe, North America, South America, and Asia.

Our Papermaking Systems segment consists of the following product lines:

Stock-Preparation;

Fluid-Handling;

and Doctoring, Cleaning, & Filtration.

Stock-Preparation

We develop, manufacture, and market custom-engineered systems and equipment, as well as standard individual components, for baling, pulping, de-inking, screening, cleaning, and refining primarily recycled fiber for preparation for entry into the paper machine, and recausticizing and evaporation equipment and systems used in the production of virgin pulp.

Our baling equipment is also used to compress a variety of other secondary materials to prepare them for transport or storage.

Our principal stock-preparation products include:

Recycling and approach flow systems:

Our equipment includes pulping, screening, cleaning, and de-inking systems that blend pulp mixtures and remove contaminants, such as ink, glue, metals, and other impurities, to prepare them for entry into the paper machine during the production of recycled paper.

Virgin pulping process equipment:

Our equipment includes pulp washing, evaporator, recausticizing, and condensate treatment systems used to remove lignin, concentrate and recycle process chemicals, and remove condensate gases.

Balers and related equipment:

Our equipment includes horizontal channel balers, vertical balers, conveyors, compactors, and bale wrapping machines used in the processing of recyclable and waste materials.

Our diverse customer base includes global and regional industrial manufacturers and distributors who participate in the broader resource transformation sector.

We believe we have one of the largest installed bases of equipment in the markets we serve around the globe.

We continue to pursue acquisition opportunities.

See Note 2 , Acquisitions, in the accompanying consolidated financial statements for further details of our recent acquisitions.

The ongoing COVID-19 pandemic has negatively affected the global economy, disrupted global supply chains, and resulted in significant travel and transport restrictions, which adversely affected our bookings and results of operations for a substantial part of 2020.

The impact of the COVID-19 pandemic, including the resulting economic impact, continues to evolve and we are closely monitoring its impact on all aspects of our business and will continue to take actions that are in the best interests of our employees, customers, and stakeholders.

Business Segments and Products

We previously reported our financial results by combining operating entities into three reportable operating segments:

Papermaking Systems, Wood Processing Systems, and Material Handling Systems, and a separate product line, Fiber-based Products.

During the first quarter of 2020, we changed our reportable operating segments to better align with our strategic initiatives to grow both organically and through acquisitions.

See Note 12 , Business Segment and Geographical Information, in the accompanying consolidated financial statements for further detail regarding our segments.

Accordingly, we describe our business and products below in our three new reportable operating segments:

Flow Control, Industrial Processing, and Material Handling.

Flow Control Segment

Through our Flow Control segment, we provide custom-engineered products, systems, and technologies that control the flow of fluids used in industrial and commercial applications to keep critical processes running efficiently in the packaging, tissue, food, metals, and other industrial sectors.

The Flow Control segment consists of our fluid-handling and doctoring, cleaning, & filtration product lines.

Fluid-Handling

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– Engineered steam and condensate systems:

Our steam systems control the flow of steam from the boiler to the paper drying cylinders, collect condensed steam, and return it to the boiler to improve energy efficiency during the paper drying process.

Our steam systems control the flow of steam from the boiler to steam-heated rolls or processing machinery, collect condensed steam, and return it to the boiler to improve energy efficiency during the manufacturing process.

Our systems and equipment are also used to efficiently and effectively distribute steam in a wide variety of industrial processing applications.

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We offer a variety of filtration systems and strainers that remove contaminants from process water before reuse and recover reusable fiber for recycling back into the pulp mixture.

Wood Processing Systems Segment

We develop, manufacture, and market debarkers, stranders, chippers, logging machinery, and related equipment used in the harvesting and production of lumber and OSB.

We manufacture our wood processing products principally in Canada, Finland and the United States.

Our principal wood processing products include:

Industrial Processing Segment

Through our Industrial Processing segment, we provide equipment, machinery, and technologies used to recycle paper and paperboard and process timber for use in the packaging, tissue, wood products and alternative fuel industries, among others.

In addition, we provide industrial automation and digitization solutions to process industries.

The Industrial Processing segment consists of our wood processing and stock-preparation product lines.

Wood Processing

We develop, manufacture, and market debarkers, stranders, chippers, logging machinery, and related equipment used in the harvesting and production of lumber and oriented strand board (OSB).

In addition, we provide industrial automation and digitization solutions to process industries.

Our principal wood processing products and services include:

– Ring and rotary debarkers:

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Our rotary debarkers and related parts and consumables employ a combination of mechanical abrasion and log-to-log contact to efficiently remove bark from logs of all shapes and species.

Our disc and ring stranders and related parts and consumables cut batch-fed logs into strands for OSB production and are used to manage strands in real time using our patented conveying and feeding equipment.

Our disc and ring stranders and related parts and consumables cut batch-fed and tree-length logs into strands for OSB production and are used to manage strands in real time using our proprietary conveying and feeding equipment.

Our disc, drum, and veneer chippers and related parts and consumables are high-quality, robust chipper systems for waste-wood and whole-log applications found in pulp woodrooms, chip plants, and sawmill and planer mill sites.

– Logging machinery:

Our feller bunchers, log loaders, and swing yarders are used to harvest and gather timber for lumber production.

Material Handling Systems Segment

We develop, manufacture, and market material handling equipment and systems to various process industries, including mining, aggregates, food processing, packaging, and pulp and paper.

We manufacture our material handling products principally in the United States.

Our principal material handling products include:

Our log loaders and swing yarders are used to gather timber for lumber production.

– Industrial Automation and Control:

We provide industrial automation, process technology, and project management services to help industrial companies digitally transform their operations.

Stock-Preparation

We develop, manufacture, and market custom-engineered systems and equipment, as well as standard individual components, for pulping, de-inking, screening, cleaning, and refining primarily recycled fiber for preparation for entry into the paper machine, and recausticizing and evaporation equipment and systems used in the production of virgin pulp.

Our principal stock-preparation products include:

– Recycling and approach flow systems:

– Virgin pulping process equipment:

Our equipment includes pulp washers, evaporators, and recausticizing and condensate treatment systems used to remove lignin, concentrate and recycle process chemicals, and remove condensate gases.

Material Handling Segment

Through our Material Handling segment, we provide products and engineered systems used to handle bulk and discrete materials for secondary processing or transport in the aggregates, mining, food, and waste management industries, among others.

In addition, we manufacture and sell biodegradable, absorbent granules used as carriers in agricultural applications and for oil and grease absorption.

The Material Handling segment consists of our conveying and screening, baling, and fiber-based product lines.

Conveying and Screening

We develop, manufacture, and market conveying and screening equipment and systems to various process industries, including mining, aggregates, food processing, packaging, and pulp and paper.

Our principal conveying and screening products include:

– Vibratory equipment:

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and screws, conveyors and bucket elevators used for material handling operations in agricultural, food, and paper markets.

We develop, manufacture, and market individual components and equipment for baling recyclable and waste materials to prepare them for secondary processing, transport, or storage.

Our principal baling products include:

– Balers and related equipment:

Our equipment includes horizontal channel balers, vertical balers, conveyors, compactors, and bale wrapping machines used in the processing of recyclable and waste materials.

Fiber-based Products

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These materials are primarily used as carriers in agricultural, home lawn and garden, professional lawn, turf and ornamental applications, and for oil and grease absorption.

We manufacture our granules in the United States.

Dependency on a Single Customer

No single customer accounted for 10% or more of our consolidated revenues in any of the past three years.

In addition, within our Flow Control, Industrial Processing, and Material Handling segments, no customer accounted for more than 10% of each of the respective segment's revenue.

Approximately 55% in 2020, 56% in 2019, and 63% in 2018, of our consolidated revenues were to customers outside the United States, principally in Europe, Asia and Canada.

Our backlog of firm orders was as follows:

(In millions) January 2, 2021 December 28, 2019

Flow Control $ 48.7 $ 43.6

Industrial Processing 115.0 96.7

Material Handling 29.3 30.0

$ 193.0 $ 170.3

We anticipate that substantially all the backlog at year-end 2020 will be shipped or completed during 2021.

Some of our capital orders can be canceled by the customer upon payment of a cancellation fee.

Research and Development

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Our research and development expenses were $11.3 million in 2020, $10.9 million in 2019, and $10.6 million in 2018.

Sales and Marketing

We market and sell our engineered products, services, and systems to process industries using a combination of a direct sales force and independent sales agents and distributors depending on the market and product being sold.

Technical service personnel, product specialists, and independent sales agents and distributors are utilized in certain markets and with certain product lines.

Our application expertise is complemented by a consultative selling approach to ensure we meet the needs of our customers.

We are a leading supplier of systems and equipment in each of our product lines within our Flow Control segment and there are several global and numerous local competitors in each market.

In our Industrial Processing segment, we compete with a limited number of global and regional competitors in the forest products markets and fiber processing equipment markets.

our Material Handling segment, we compete with numerous global, regional, and local competitors for our conveying and vibratory equipment, and strong regional competitors for our baling equipment and fiber-based granules offerings.

Because of the diversity of our products, we face many different types of competitors and competition.

We compete primarily on the basis of technical expertise, product innovation, and product performance.

We believe the reputation that we have established for high-performance, high-reliability products supported by our in-depth process knowledge and application expertise provides us with a competitive advantage.

In addition, a significant portion of our business is generated from our worldwide customer base.

To maintain this base, we have emphasized our global presence, local support, and problem-solving relationship with our customers.

Our success primarily depends on the following factors:

– Technical expertise and process knowledge;

– Product innovation;

– Product quality, reliability, and performance;

– Operating efficiency of our products;

– Customer service and support;

– Relative price of our products;

– Total cost of ownership of our products.

Raw Materials

The primary raw materials used in our Papermaking Systems segment are steel, stainless steel, ductile iron, brass, bronze, aluminum, and elastomers and in our Wood Processing Systems segment are steel and stainless steel.

In our Material Handling Systems segment the primary raw materials used are steel, aluminum, and composites.

The primary raw materials used by our businesses are:

Flow Control segment – steel, stainless steel, ductile iron, brass, bronze, aluminum, and elastomers;

Industrial Processing segment – steel and stainless steel;

and Material Handling segment – steel, aluminum, and composites.

These raw materials are generally purchased and available through a number of suppliers.

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No particular patent, or related group of patents, is so important that its expiration or loss would significantly affect our operations.

Papermaking Systems Segment

Flow Control Segment

We have numerous U.S.

and foreign patents, including foreign counterparts to our U.S.

patents, expiring on various dates ranging from 2020 to 2039.

patents, expiring on various dates ranging from 2021 to 2038, related to fluid handling and doctoring, cleaning, and filtration equipment.

From time to time, we enter into licenses with other companies for products that serve the pulp, papermaking, converting, and paper recycling industries.

Wood Processing Systems Segment

Industrial Processing Segment

We have numerous U.S.

and foreign patents, including foreign counterparts to our U.S.

patents, expiring on various dates ranging from 2020 to 2035, related to wood processing and debarking equipment.

Material Handling Systems Segment

patents, expiring on various dates ranging from 2021 to 2040, related to stock-preparation and wood processing systems and equipment.

Material Handling Segment

We have numerous U.S.

and foreign patents, including foreign counterparts to our U.S.

patents, expiring on various dates ranging from 2020 to 2026, related to various aspects of conveyor belt systems and conveying apparatus.

We also license one of our two significant product brand names, Link-Belt®, from a third party pursuant to a trademark license agreement.

More than half of our Material Handling Systems segment revenue in 2019 was generated by sales of conveying equipment sold under the Link-Belt® name.

patents, expiring on various dates ranging from 2021 to 2027, related to various aspects of conveyor belt systems and conveying apparatus, and baling equipment.

We license one of our two significant product brand names, Link-Belt®, from a third party pursuant to a trademark license agreement.

More than a third of our Material Handling segment revenue in 2020 was generated by sales of conveying equipment under the Link-Belt® name.

Under the terms of the license agreement, we have a worldwide, exclusive, royalty-free, perpetual license to use the Link-Belt® trademark in connection with such products.

Fiber-based Products

We currently hold several U.S.

We also currently hold several U.S.

patents, expiring on various dates ranging from 2021 to 2034, related to various aspects of the processing of fiber-based granules and the use of these materials in agricultural, home lawn and garden, professional lawn, turf and ornamental applications, and for oil and grease absorption.

Seasonal Influences

Papermaking Systems Segment

There are no material seasonal influences on this segment's sales of products and services.

Wood Processing Systems Segment

Our Wood Processing Systems segment is subject to seasonal variations, with demand for many of our products tending to be greater during the building and timber harvesting season, which generally occurs in the second and third quarters in North America.

Material Handling Systems Segment

Our Material Handling Systems segment may experience minor seasonal fluctuations in sales, with demand for our products tending to be greater in the second and third quarters due to the impact of weather and favorable outdoor working conditions at certain of its customers.

Fiber-based Products

Our Fiber-based Products business experiences fluctuations in sales, usually in the third quarter, when sales decline due to the seasonality of the agricultural and home lawn and garden markets.

Working Capital Requirements

There are no special inventory requirements or credit terms extended to customers that would have a material adverse effect on our working capital.

Dependency on a Single Customer

No single customer accounted for 10% or more of our consolidated revenues in any of the past three years.

In addition, within our Papermaking Systems segment and Material Handling Systems segment, no customer accounted for more than 10% of each of the respective segment's revenue.

As a percentage of revenues, the two largest customers in our Wood Processing Systems segment accounted for 20% in 2019 , 16% in 2018 , and 27% in 2017 .

Approximately 56% in 2019 , 63% in 2018 , and 65% in 2017 , of our consolidated revenues were to customers outside the United States, principally in Europe, Asia and Canada.

Our backlog of firm orders for the Papermaking Systems segment was $116.3 million at year-end 2019 and $126.7 million at year-end 2018 .

Our backlog of firm orders for the Wood Processing Systems segment was $32.7 million at year-end 2019 and $45.4 million at year-end 2018 .

Our backlog of firm orders for the Material Handling Systems segment was $20.0 million at year-end 2019 .

The total consolidated backlog of firm orders was $170.3 million at year-end 2019 and $173.0 million at year-end 2018 .

We anticipate that substantially all the backlog at year-end 2019 will be shipped or completed during 2020 .

Some of our capital orders can be canceled by the customer upon payment of a cancellation fee.

Sales and Marketing

Technical service personnel, product specialists, and independent sales agents and distributors are utilized in certain markets and with certain product lines.

Our application expertise is complimented by a consultative selling approach to ensure we meet the needs of our customers.

We are a leading supplier of systems and equipment in each of our product lines within our Papermaking Systems segment and there are several global and numerous local competitors in each market.

In our Wood Processing Systems segment, we compete with one primary global competitor in the OSB market for stranding equipment, a limited number of competitors in forest products for our debarkers, and several global and local competitors for our other products.

In our Material Handling Systems segment, we compete with numerous global, regional and local competitors for our conveying equipment and strong regional competitors for our vibratory equipment.

Because of the diversity of our products, we face many different types of competitors and competition.

We compete primarily on the basis of technical expertise, product innovation, and product performance.

In addition, a significant portion of our business is generated from our worldwide customer base.

To maintain this base, we have emphasized our global presence, local support, and a problem-solving relationship with our customers.

Our success primarily depends on the following factors:

Technical expertise and process knowledge;

Product innovation;

Product quality, reliability, and performance;

Operating efficiency of our products;

Customer service and support;

Relative price of our products;

Total cost of ownership of our products.

Environmental Protection Regulations

Government Regulations

We are subject to a variety of U.S.

and international environmental protection measures.

and international governmental regulations, including environmental regulations.

We believe that our operations comply in all material respects with applicable laws and regulations.

Our compliance with these requirements did not change during the past year, and is not expected to have a material adverse effect on our capital expenditures, earnings, or competitive position.

At year-end 2019 , we had approximately 2,800 employees worldwide.

Seasonal Influences

Flow Control Segment

There are no material seasonal influences on this segment's sales of products and services.

Industrial Processing Segment

Our Industrial Processing segment is subject to seasonal variations, with demand for our wood processing products tending to be greater during the building and timber harvesting season, which generally occurs in the second and third quarters in North America.

Material Handling Segment

Our Material Handling segment may experience minor seasonal fluctuations in sales, with demand for our products tending to be greater in the second and third quarters due to the impact of weather and favorable outdoor working conditions at certain of our customers.

Our fiber-based products business experiences fluctuations in sales, usually in the third quarter, when sales decline due to the seasonality of the agricultural and home lawn and garden markets.

Human Capital Resources

Talent, Development, Diversity and Inclusion

The attraction, retention and development of exceptional employees is critical to our continued success.

As part of these efforts, we strive to offer a competitive compensation and benefits program and to foster a safe and inclusive work environment where everyone feels respected, valued and empowered to do their best work.

We embrace the diversity of our employees, including their unique backgrounds, experiences, and talents.

Everyone is valued and appreciated for their distinct contributions to the growth and sustainability of our business.

We strive to cultivate a culture of diversity and inclusion that supports and enhances our ability to recruit, develop and retain talent at every level.

As of January 2, 2021, we had approximately 2,600 full-time employees worldwide.

Of our full-time employees, approximately 47% were in North America, 27% were in Europe and 22% were in Asia.

Other than certain of our Canadian employees and typical work councils outside of the U.S., none of our employees are represented by labor unions or covered by a collective bargaining agreement.

Our management team places significant focus and attention on matters concerning our human capital, particularly their diversity, capability development, and succession planning.

Accordingly, we regularly review talent development and succession plans for each of our functions and operating segments, to identify and develop a pipeline of talent to maintain business operations.

We have numerous programs to attract and retain our talent, including leadership and executive development programs as well as technical and other training.

We build partnerships with universities and associations to promote future careers in manufacturing.

We also have a well-established performance management and talent development process in which managers provide regular feedback and coaching to develop employees.

Compensation and Benefits

As part of these efforts, we strive to offer a competitive compensation and benefits program.

Our compensation and benefits program is designed to attract and retain talented individuals who possess the skills necessary to support our business objectives, assist in the achievement of our strategic goals and create long-term value for our stockholders.

We offer comprehensive, locally relevant benefits to all eligible employees which include, among other benefits:

– Comprehensive health insurance coverage;

– Retirement benefits;

– Life insurance and disability benefits;

– Leave and wellness benefits.

We maintain a safety-first culture grounded on the premise of eliminating workplace incidents, risks and hazards.

We have created and implemented processes to help eliminate safety events by reducing their frequency and severity.

Our commitment to safety is reinforced by our robust safety program and training.

Throughout the COVID-19 pandemic, we have remained focused on protecting the health and safety of our employees while meeting the needs of our customers.

Shortly after the outset of COVID-19, we adopted enhanced safety measures and practices across our facilities to protect employee health and safety and ensure a reliable supply of essential products to our customers.

These enhanced safety measures and practices included working remotely when employees are not required to be physically present, social distancing, wearing face coverings, adding safety and hygiene protocols within our facilities, restricting travel and other safeguards.

We monitor and track the impact of COVID-19 on our employees and within our operations, and proactively modify or adopt new practices to promote their health and safety.

We believe that our employees are the core of our business, and we intend to continue building upon our culture to drive sustainable performance across the business.

For more information, please reference our Corporate Sustainability Report, which is available at www.kadant.com.

Available Information

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The following table summarizes certain information concerning our executive officers as of February 19, 2021:

Present Title (Fiscal Year First Became Executive Officer)

Executive Chairman of the Board (1997)

President and Chief Executive Officer (2009)

Executive Vice President and Chief Operating Officer (2006)

Executive Vice President and Chief Financial Officer (2002)

Senior Vice President and Chief Accounting Officer (2015)

Vice President (2019)

Vice President, General Counsel, and Secretary (2018)

Painter has been the executive chairman of our board of directors since July 2019 and a member of our board of directors since January 2010.

He previously served as our chief executive officer from January 2010 to June 2019 and also served as our president from September 2009 to March 2019.

He served as chief operating officer from September 2009 to January 2010.

Between 1997 and September 2009, Mr.

Painter served as an executive vice president and from March 2007 through September 2009 had supervisory responsibility for our Stock-Preparation and Fiber-based Products businesses.

He served as president of our Composite Building Products business from 2001 until its sale in 2005.

He also served as our treasurer and the treasurer of Thermo Electron Corporation (Thermo Electron) from 1994 until 1997.

Prior to 1994, Mr.

Painter held various managerial positions with us and Thermo Electron.

Name Age Present Title (Fiscal Year First Became Executive Officer)

Powell 62 President and Chief Executive Officer (2009)

Langevin 58 Executive Vice President and Chief Operating Officer (2006)

McKenney 59 Executive Vice President and Chief Financial Officer (2002)

Selwood 52 Senior Vice President and Chief Accounting Officer (2015)

Krause 44 Vice President, General Counsel, and Secretary (2018)

Flynn 70 Vice President (2019)

Colwell 55 Vice President (2019)

Powell has been our chief executive officer and a director since July 2019 and our president since April 2019.

He served as an executive vice president and a co-chief operating officer from March 2018 to March 2019.

From March 2013 to March 2018, he was an executive vice president and had supervisory responsibility for our Stock-Preparation, Wood Processing Systems, and Fiber-based Products businesses.

From March 2013 to March 2018, he was an executive vice president and had supervisory responsibility for our stock-preparation, wood processing, and fiber-based products businesses.

From September 2009 to March 2013, he was a senior vice president.

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Powell was the chairman and chief executive officer of Castion Corporation from April 2003 through December 2007.

Langevin served as executive vice president and chief operating officer since April 2019 and has supervisory responsibility for our Fluid-Handling and Doctoring, Cleaning, & Filtration businesses and our Material Handling Systems segment.

Langevin has been an executive vice president and chief operating officer since April 2019 and has supervisory responsibility for our fluid-handling, doctoring, cleaning, & filtration, and conveying and screening businesses.

From March 2018 to April 2019, he served as executive vice president and co-chief operating officer.

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Selwood held various financial positions at Arthur Andersen LLP and Genuity Inc.

Flynn has been a vice president since July 2019 and has supervisory responsibility for our Stock-Preparation product line.

Prior to July 2019, Mr.

Flynn was president of our Kadant Black Clawson LLC subsidiary, which manufactures stock-preparation equipment primarily for the pulp and paper industry, from 2003 to 2019.

Colwell has been a vice president since July 2019 and has supervisory responsibility for our Wood Processing Systems segment and our Fiber-based Products business.

Prior to July 2019, Mr.

Colwell served as the president of Kadant Carmanah Design, a division of our subsidiary Kadant Canada Corp., from 2013 to 2019.

Colwell previously served as the president and chief executive officer of Carmanah Design and Manufacturing Inc.

from April 2010 until its acquisition by us in November 2013.

Krause has been a vice president and our general counsel and secretary since July 2018.

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Krause was a lawyer in the corporate transactional department of Wilmer Cutler Pickering Hale and Dorr LLP.

Flynn has been a vice president since July 2019 and has supervisory responsibility for our stock-preparation and baling product lines.

Prior to July 2019, Mr.

Flynn was president of our Kadant Black Clawson LLC subsidiary, which manufactures stock-preparation equipment primarily for the pulp and paper industry, from 2003 to 2019.

Colwell has been a vice president since July 2019 and has supervisory responsibility for our wood processing and fiber-based products businesses.

Prior to July 2019, Mr.

Colwell served as the president of Kadant Carmanah Design, a division of our subsidiary Kadant Canada Corp., from 2013 to 2019.

Colwell previously served as the president and chief executive officer of Carmanah Design and Manufacturing Inc.

from April 2010 until its acquisition by us in November 2013.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business