Kimball international announces completion of spin off; kimball electronics
Kimball International, Inc. (NASDAQ: KBAL), an Indiana-headquartered manufacturer of commercial furnishings, today announced that it has completed the spin-off of the Company’s Electronic Manufacturing Services (“EMS”) business, newly named Kimball Electronics, Inc. (“KEI”)
“Today’s announcement marks a significant achievement by countless employees of both companies,” stated Bob Schneider, the new Chairman and CEO of Kimball International. “Both companies are poised for growth and building success for customers, employees and shareholders.”
As of 5:00PM Eastern, October 31, 2014, (the “distribution date”), Kimball International completed the spin-off by distributing all outstanding shares of common stock of Kimball Electronics, Inc. ratably to its shareholders of record as of the close of business on October 22, 2014. The distribution ratio was three shares of Kimball Electronics, Inc. common stock for every four shares of Kimball International Class A or Class B common stock. Following the distribution of Kimball Electronics common stock shares on October 31, 2014, Kimball Electronics is an independent, publicly-traded company.
Starting November 3rd, 2014, Kimball International will trade on The NASDAQ Stock Market under the ticker symbol “KBAL”. The Company’s previous ticker symbol “KBALB” has been retired. Concurrently, also on The NASDAQ Stock Market, trading of Kimball Electronics, Inc. common stock will be under the ticker symbol “KE.”