KLX Inc. to Initiate Repurchase of Up to $100 Million of Its Common Stock
WELLINGTON, Fla., Jan. 07, 2016 (GLOBE NEWSWIRE) -- KLX Inc. (NASDAQ:KLXI), the world’s leading distributor and value added service provider of aerospace fasteners and consumables, and a provider of services and products to the oil and gas industry, announced today that it plans to repurchase up to $100 million of its common stock under its previously authorized $250 million share repurchase program.
Amin Khoury, KLX’s Chairman and Chief Executive Officer, stated, “While we are in the early stages of evaluating several acquisition opportunities for our Aerospace Solutions Group business, we believe our shares currently offer a compelling investment opportunity. Consequently, our Board of Directors has authorized repurchases of up to $100 million of common stock under our existing $250 million share repurchase program. Repurchases will be made in open market or privately negotiated transactions in compliance with Securities and Exchange Rule 10b-18, subject to market conditions, applicable legal requirements, and other relevant factors. The share repurchase program does not obligate KLX to acquire any particular amount of common stock, and it may be suspended at any time at KLX’s discretion.” Mr. Khoury continued, “We believe our strong free cash flow and balance sheet flexibility will support both share repurchases and value creating acquisitions.”
About KLX Inc. KLX Inc., through its two operating segments, provides mission critical products and complex logistical solutions to support its customers’ high value assets. KLX serves its customers in demanding environments that face high cost of downtime and require dependable, high quality just-in-time customer support. The Aerospace Solutions Group is the world’s leading distributor and value added service provider of aerospace fasteners and consumables offering the broadest range of aerospace hardware and consumables and inventory management services worldwide. The Energy Services Group provides vital services and products to the oil and gas industry on an episodic, 24/7 basis. For more information, visit the KLX website at www.klx.com.
(January 7, 2016 - 8:01 AM EST)
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