Kimball International to Spin off Its Electronics Manufacturing Services Segment as Independent Publicly Traded Company
Kimball International (NASDAQ: KBALB) today announced
that its Board of Directors has unanimously approved a plan to enhance
shareholder value through a tax free spin-off of its electronic
manufacturing services (“EMS”) segment. The separation will result in
two standalone publicly-traded companies: Kimball International, Inc.
(“Kimball International”), an industry leader in the sale and
manufacture of quality office and hospitality furniture; and Kimball
Electronics, Inc. (“Kimball Electronics”), a leading global provider of
electronic manufacturing services to the automotive, medical,
industrial, and public safety markets. The Board expects the spin-off,
which is intended to be tax-free to shareholders, to be completed in
approximately 8 - 12 months.