KLX Inc. Announces New Business Awards Valued at Approximately $300 Million


WELLINGTON, Fla., Jan. 11, 2017 (GLOBE NEWSWIRE) -- KLX Inc. (“KLX”) (NASDAQ:KLXI), the world’s leading distributor and value added service provider of aerospace fasteners and consumables, and a provider of services and products for the oil and gas industry, announces major new business awards for its Aerospace Solutions Group (“ASG”) business. These new program awards represent significant market share gains and are initially valued at approximately $300 million in the aggregate.

Commenting on the new customer awards, Amin J. Khoury, Chairman and Chief Executive Officer of KLX noted, “We are very pleased to announce that GKN Aerospace, along with one large commercial OEM, two global OEM subcontractors and one military aftermarket customer have chosen to transfer to KLX all or a substantial portion of their supply of aerospace fasteners, engineered products and bin management services.”

Mr. Khoury continued, “These new customer awards highlight our continued focus on having the broadest and deepest portfolio of aerospace consumables parts and inventory management services worldwide, and further solidifies our position as the market leader. In all cases, these new program wins represent significant market share gains that reflect the differential value proposition we deliver to our customers. As indicated on our most recent earnings call, these new program awards were in the process of negotiation during the fourth quarter and have now been officially awarded to KLX. These new programs are expected to generate approximately $60 million per year in additional annual revenues after a 12 month transition period.”

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve risks and uncertainties. The Company’s actual experience and results may differ materially from the experience and results anticipated in such statements. Factors that might cause such a difference include those discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”), which include its Annual Report on Form 10-K and Current Reports on Form 8-K. For more information, see the section entitled “Forward -Looking Statements” contained in the Company’s Annual Report on Form 10-K and in other filings. The forward-looking statements included in this news release are made only as of the date of this news release and, except as required by federal securities laws and rules and regulations of the SEC, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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.

 


            

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