B/E Aerospace Board of Directors approves separation of KLX

B/E Aerospace board of directors has approved the separation of its Consumables Management Segment, consisting of B/E Aerospace’s aerospace distribution and energy services businesses, which will be known as KLX (KLX), 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. 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 5th, 2014 and a distribution date of December 16th, 2014. 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.