Kimball Electronics is a contract electronics manufacturer, also known as an electronics manufacturing services (EMS) provider, that makes complex, high-reliability electronic assemblies for customers in the automotive, medical, and industrial markets. Kimball's core product is the printed circuit board assembly (PCBA), which it manufactures to customer specifications — Kimball does not design the products it makes. Automotive is the largest end market at roughly 49% of sales, focused on safety-critical chassis control electronics like steering and braking ECUs, with key customers including Nexteer Automotive and ZF. Medical accounts for roughly 27% of sales, and industrial the remaining 24%. Kimball's three largest customers — Nexteer, Philips, and ZF — together account for roughly 30% of sales. Profitability is driven by factory utilization, program mix, and product complexity. Raw materials and tariffs are generally passed through to customers, so margins are largely insulated from commodity swings. Kimball is actively expanding beyond standard PCBAs into a medical contract manufacturing organization (CMO) business — producing precision molded plastics, finished medical devices, drug delivery devices like auto-injectors, and handling FDA-regulated drug-device combinations. Management views the CMO business as structurally higher-margin and stickier than core EMS, and has anchored this strategy around a new 300,000 sq. ft. Indianapolis facility.