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© joingate-dreamstime.com Electronics Production | January 20, 2014

Kimball to spin-off EMS segment

Kimball International plan to spin-off of its electronic manufacturing services segment. The separation will result in two standalone publicly-traded companies.
The furniture side of the company will keep the name Kimball International. While the EMS segment will go under the name Kimball Electronics, as its own company. The Board expects the spin-off, which is intended to be tax-free to shareholders, to be completed in approximately 8 - 12 months.

Upon completion of the spin-off, James C. Thyen, will retire from his current role as the Company’s President and Chief Executive Officer, as well as resign his position as a Director. Douglas A. Habig will also retire from the Company and resign his position as a Director.

Donald D. Charron, currently President of the Kimball Electronics Group, will serve as Chairman of the Board and Chief Executive Officer of the new company Kimball Electronics, and Robert F. Schneider, currently Chief Financial Officer, will serve as Chairman of the Board and Chief Executive Officer of Kimball International.

Following the spin-off, Kimball Electronics is expected to have annualized revenue of approximately USD 700 million on a pro forma basis and maintain a strong balance sheet.

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