Kimball International (KBALB) Acquires Privately-held Genesis Electronics Manufacturing

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Kimball Electronics Group, a subsidiary of Kimball International, Inc., (NASDAQ: KBALB) announced that it has acquired privately-held Genesis Electronics Manufacturing of Tampa, Florida. The acquisition supports Kimball's growth and diversification strategy, bringing new customers in key target markets. Kimball Electronics Group (KEG) is a global contract electronic manufacturing services (EMS) company that specializes in durable electronics for the automotive, medical, industrial, and public safety industries.

Genesis sales for last year were approximately $16 million. Under the terms of the agreement, Kimball Electronics acquired the assets and certain liabilities of Genesis and will transition the operations and workforce out of the existing Genesis facility and into the current KEG-Tampa facility located less than one mile away.

Consolidation of the two facilities is scheduled to be completed in approximately six months.[SM]

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