Kimball to sell 27K acres in Indiana, Kentucky

Electronics and furniture manufacturer Kimball International Inc. said Wednesday it has decided to sell all of its undeveloped land holdings and timberlands _ about 27,000 acres of land in Indiana and Kentucky.

The company decided to sell the properties because they no longer support the company's manufacturing operations, and they are now managed as a financial investment, Kimball President and CEO Jim Thyen said in a statement.

"While our rock-solid balance sheet and strong current cash position did not necessitate a sale to raise funds for operations, given the properties' significant value, but relative liquidity, Kimball share owners will be better served by converting this investment into cash at this time to fund the company's growth strategies," he said.

The properties will be sold through an auction in November. Kimball did not provide details about possible sale prices.

Kimball began acquiring land in 1963 for its wood, the company's primary raw material.