Kimball Updates On Spin-off Of Electronic Manufacturing Services Segment

(RTTNews) - Kimball International Inc (KBALB), an Indiana-based provider of contract electronic manufacturing services, Monday announced the progression of the planned spin-off of its Electronic Manufacturing Services segment, with the filing of an initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission.

Kimball announced a plan in January to spin-off its Electronic Manufacturing Services (EMS) segment as an independent, publicly-traded company later this fall. The new company will be named Kimball Electronics Inc, and will be headquartered in Jasper, Indiana, where its executive offices are currently located.

The completion of the spin-off is targeted to be effective later this calendar year.

Kimball CEO, Jim Thyen, said, "Our filing today marks another step in our journey toward the separation of our furniture and electronics segments, which represents a very exciting opportunity for enhancing shareowner value by creating two highly focused companies with significant growth potential."

Kimball International will continue to operate its furniture business under the Kimball brand names of Kimball Office, National Office Furniture and Kimball Hospitality.

Kimball International plans to change its NASDAQ trading ticker symbol from KBALB to KBAL as of the effective date of the spin. Kimball Electronics expects to list its shares on the NASDAQ exchange using the ticker symbol KE.