By RTT News, November 25, 2014, 07:05:00 PM EDT <\/p>\n
(RTTNews.com) - B\/E Aerospace Inc ( BEAV ) said Tuesday its board has approved the separation of the consumables management segment, consisting of the company's aerospace distribution and energy services businesses, which will be known as KLX Inc, through a dividend distributing all of the shares of KLX common stock on a pro rata basis to the holders of B\/E Aerospace's common stock. <\/p>\n
For every two shares of B\/E Aerospace common stock held, B\/E Aerospace's shareholders will receive one share of KLX common stock. No fractional shares of KLX will be issued. Shareholders will receive cash in lieu of fractional shares. The Board has set a record date of December 5 and a distribution date of December 16. <\/p>\n
The distribution of KLX common stock will complete the separation KLX from B\/E Aerospace. After the distribution, KLX will be an independent, publicly-owned company and B\/E Aerospace will not own any shares of KLX common stock. <\/p>\n
KLX common stock is expected to begin trading on the NASDAQ under the ticker symbol KLXI, and B\/E Aerospace will continue to trade on the NASDAQ under the ticker symbol BEAV. <\/p>\n
\"Our decision to separate the businesses was made as part of the evaluation of the company's strategic alternatives which has been undertaken by our management team and Board of Directors, together with our independent advisors,\" said Amin Khoury, the company's chairman and co-chief executive officer. <\/p>\n
\"Separating these highly successful businesses into two industry-leading companies will allow each to benefit from increased management focus and operational flexibility, as well as allow the management teams and boards of directors of each business to determine the optimal capital structure, free cash flow allocation policy, growth strategy, compensation system and performance measurement metrics.\" <\/p>\n
The distribution of KLX common stock is subject, among other things, to the Securities and Exchange Commission having declared effective KLX's Registration Statement on Form 10, as amended, which KLX has filed with the SEC. <\/p>\n
B\/E Aerospace, based in Wellington, Florida, is a maker of aircraft cabin interior products and a provider of aerospace fasteners, consumables and logistics services. <\/p>\n
BEAV closed Tuesday at $77.31, up $0.82 or 1.07%, on a volume of 1.1 million shares on the Nasdaq. In after hours, the stock dropped $0.02 or 0.02%. <\/p>\n
<\/p>\n
Continued here:<\/p>\n
B\/E Aerospace''s Board Okays Separation Of KLX<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" By RTT News, November 25, 2014, 07:05:00 PM EDT (RTTNews.com) - B\/E Aerospace Inc ( BEAV ) said Tuesday its board has approved the separation of the consumables management segment, consisting of the company's aerospace distribution and energy services businesses, which will be known as KLX Inc, through a dividend distributing all of the shares of KLX common stock on a pro rata basis to the holders of B\/E Aerospace's common stock. For every two shares of B\/E Aerospace common stock held, B\/E Aerospace's shareholders will receive one share of KLX common stock. Continue reading