2 September 2014
B/E Aerospace, Inc. (NASDAQ: BEAV) has announced a further step in its plan to separate 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., to which the separated businesses will be transferred prior to the distribution, has filed a registration statement 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 US 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.
B/E Aerospace is a manufacturer of aircraft cabin interior products and a provider of aerospace fasteners, consumables and logistics services. B/E Aerospace designs, develops and manufactures a broad range of products for both commercial aircraft and business jets. Its website is at www.beaerospace.com.