B/E Aerospace Completes Spin-off Of KLX

(RTTNews) - B/E Aerospace, Inc. (BEAV), a maker of aircraft cabin interior products, said Wednesday that it has completed the previously announced spin-off of KLX Inc. (KLXI) from the company. Meanwhile, KLX said in a separate statement that its shares will begin regular way trading on the Nasdaq under the ticker symbol "KLXI" from today.

B/E Aerospace said that on Tuesday, December 16, 2014, it distributed all the outstanding shares of KLX common stock to B/E Aerospace shareholders at a distribution ratio of one share of KLX common stock for every two shares of B/E Aerospace common stock held by them on the December 5, 2014 record date.

Starting Wednesday, December 17, 2014, B/E Aerospace common stock will no longer include the value of KLX.

In a separate statement, KLX Inc. (KLXI) said it will commence regular trading from Wednesday following its spin-off from B/E Aerospace. The company said its shares will trade on the Nasdaq under the ticker symbol "KLXI".

In early June, B/E Aerospace announced its intention to split into two independent, publicly traded companies, for manufacturing and services.

The new B/E Aerospace, or the manufacturing company, will focus on aircraft cabin interior equipment - design, development, manufacturing, certification and direct sales on a global basis.

KLX, or the services company, will look after distribution, logistics and technical services for the aerospace and energy services markets. KLX is a distributor of aerospace fasteners and consumables, and also a provider of services and products for the oil and gas industry.

BEAV closed Tuesday's trading at $74.37, up $0.40 or 0.53 percent on a volume of 1.37 million shares. In Wednesday's pre-market activity, the stock is down $19.38 or 26.06 percent to $54.99.