Kimball completes electronic unit spin-off.
M2 EQUITYBITES-November 3, 2014-Kimball completes electronic unit spin-off
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3 November 2014 - US commercial furnishings manufacturer Kimball International Inc (NASDAQ:KBALB) announced that it had completed the separation of its electronic manufacturing services division, which will now be doing business under the name Kimball Electronics Inc.
The distribution ratio was three Kimball Electronics common shares of common stock per every four Kimball International Class A or Class B shares of common stock, the company said.
The spin-off is a significant step for both companies as they aim to grow further and build successful relationships with clients, employees and shareholders, said Kimball International's newly appointed chairman and chief executive Bob Schneider.
Following the transaction, Kimball International will trade on NASDAQ under the ticker symbol KBAL, while Kimball Electronics will be traded under the KE ticker.
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