KLX Aerospace Announces Filing of Registration Statement for Spin-Off of Its Consumables Management Business Segment
WELLINGTON, FL, August 29, 2014 – B/E Aerospace, Inc. (“B/E” or the “Company”) (NASDAQ:BEAV) announced today a further step in its previously announced separation of its Consumables Management Segment, consisting of the Company’s aerospace distribution and energy services businesses, through a distribution, or spin-off, to the Company’s shareholders. The Company’s subsidiary KLX Inc. (“KLX”), to which the separated businesses will be transferred prior to the distribution, filed today a registration statement on Form 10 with the Securities and Exchange Commission. The spin-off would take the form of a pro rata distribution of all shares of common stock of KLX to B/E shareholders. The Company expects the receipt of shares of KLX common stock by B/E shareholders to be tax-free for U.S. federal income tax purposes, except for cash received in lieu of fractional shares. The spin-off is subject to the approval of the Board of Directors of B/E and the satisfaction of certain other conditions. B/E may, at any time until the spin-off, decide to abandon the spin-off or modify or change the terms of the spin-off. Holders of B/E common stock as of the record date for the spin-off will not be required to make any payment, surrender or exchange any shares of B/E common stock or take any other action to participate in the spin-off. Additional information concerning KLX and the proposed spin-off is contained in the registration statement on Form 10.