Paper company Kadant Inc. of Acton, Mass., is conducting an auction of its composites deck board business, roughly six months after announcing its intent to sell the operation.
``We have engaged an investment banker and are now conducting an auction,'' said William Rainville, Kadant's chairman and chief executive officer, in an April 28 conference call discussing first quarter operating results.
``We have distributed an offering memorandum and have received indications of interest from a number of parties,'' Rainville said. ``We're in the process of presenting an overview of this business to those parties and arranging site visits.''
The investment banker handling the auction is Matrix Capital Market Groups Inc. of Richmond, Va.
Kadant's composite deck business operates a 130,000-square-foot facility in Green Bay, Wis., with nine extrusion lines and 65 employees.