WELLINGTON, Fla., March 13, 2017 (GLOBE NEWSWIRE) -- KLX Inc. (NASDAQ:KLXI), a 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 its Board of Directors has authorized an increase in the Company’s share repurchase authorization from $100 million to $200 million. To date, KLX has repurchased approximately $60 million of shares under the original authorization. This increased authorization allows for an additional $140 million of future share repurchases.
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.
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 a 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.