Boeing buys aviation parts company KLX for $4.25b
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| Boeing buys aviation parts company KLX for US$4.25b, photo AFP |
Boeing executives described the move as a significant step in bolstering its global services segment, which was launched last year and aims to increase annual revenues from US$15 billion in 2017 to US$50 billion in five years.
"This acquisition is the next step in our services growth strategy, with a clear opportunity to profitably grow our business and better serve our customers in a US$2.6 trillion, 10-year services market," said Stan Deal, chief executive of Boeing Global Services.
Miami, Florida-based KLX provides aerospace parts and services to commercial, business and defense jet customers worldwide, shipping a majority of goods within 24 hours of the order, according to a KLX securities filing.
KLX reported US$1.7 billion in revenues in 2017.
Under the all-cash deal, Boeing values Florida-based KLX at US$63 per share and will assume US$1 billion in debt.
KLX will divest its energy services business, which provides oilfield tools and services to the oil business.
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