KLX Inc. to Initiate Repurchase of Up to $100 Million of Its Common Stock

KLX Inc., 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 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.”