Kadant makes highly engineered industrial equipment and systems, primarily serving paper/packaging and wood products manufacturers. Core products include doctor blades that clean paper machine rolls, rotary joints and steam/condensate systems that control fluid flow in industrial piping, debarkers and stranders for lumber and OSB production, fiber processing equipment for recycled paper, boiler cleaning systems, and conveying and vibratory equipment for mining, aggregates, and recycling. Kadant sells globally through direct sales, agents, and distributors, using engineers and product specialists who take a consultative approach. Kadant operates through three segments: Flow Control (~38% of revenue), Industrial Processing (~44%), and Material Handling (~26%). The defining feature of Kadant's business model is its large installed base, which generates a recurring aftermarket parts and consumables revenue stream — reaching 71% of total revenue — that is highly sticky because customers cannot halt production to wait for alternative suppliers. Aftermarket revenue carries higher gross margins than capital equipment sales, and as aftermarket mix has grown, gross margins have expanded to over 45%. Capital equipment revenue is project-driven and lumpy, and can be deferred during periods of macroeconomic uncertainty. Kadant grows through acquisitions, targeting businesses with high aftermarket content to compound its recurring revenue base, alongside an internal "80/20" program that rationalizes product lines and customers to concentrate resources on the highest-value business.