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KBALB > SEC Filings for KBALB > Form 8-K on 21-Jan-2014All Recent SEC Filings

Show all filings for KIMBALL INTERNATIONAL INC

Form 8-K for KIMBALL INTERNATIONAL INC


21-Jan-2014

Regulation FD Disclosure, Change in Directors or Principal Officers, Fi


Item 7.01 Regulation FD Disclosure

On January 20, 2014, Kimball International, Inc. (the "Company") announced that its Board of Directors (the "Board") approved a plan to enhance shareholder value through a tax free spin-off of its Electronic Manufacturing Services (EMS) Segment. The spin-off will result in two standalone publicly-traded companies:
Kimball International, Inc. - an industry leader in the sale and manufacture of quality office and hospitality furniture; and Kimball Electronics, Inc. - a leading global provider of electronic manufacturing services to the automotive, medical, industrial, and public safety markets. The Board expects the spin-off, which is intended to be tax-free to shareholders, to be completed in approximately 8 - 12 months.

Execution of the transaction requires further work on structure, management, governance and other significant matters. The completion of the spin-off is subject to certain customary conditions, including receipt of a legal opinion as to the tax-free nature of the spin-off and regulatory approvals, as well as certain other matters. The Company can make no assurance that any spin-off transaction will ultimately occur, or, if one does occur, its terms or timing.



Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b) James C. Thyen, President and Chief Executive Officer of the Company, announced that he will retire from his current role upon completion of the spin-off. In addition, Mr. Thyen will resign his position as a Director of the Company.

Douglas A. Habig, Chairman of the Board, also announced that he will retire from the Company and resign his position as a Director upon completion of the spin-off.

(c) Donald D. Charron, 50, currently President of the Kimball Electronics Group, will serve as Chairman of the Board and Chief Executive Officer of the new company Kimball Electronics, Inc. and Robert F. Schneider, 53, currently Chief Financial Officer, will serve as Chairman of the Board and Chief Executive Officer of Kimball International, Inc. upon completion of the spin-off.

The press release announcing the planned spin-off is attached as Exhibit 99.1 and is incorporated herein by reference.

The information contained in, or incorporated into, this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.



Item 9.01 Financial Statements and Exhibits
(d) Exhibits The following exhibit is filed as part of this report:
Exhibit
Number    Description
99.1      Press Release dated January 20, 2014


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