Hillenbrand Completes Acquisition of Peerless Food Equipment

Rhea-AI Summary

Hillenbrand, Inc. (NYSE: HI) has finalized the acquisition of Peerless Food Equipment from Illinois Tool Works Inc. for approximately $59 million. This strategic move enhances Hillenbrand's offerings in the food processing sector, complementing its existing brands, including Coperion and LINXIS Group. The acquisition is expected to drive shareholder value through enhanced operational synergies within its Advanced Process Solutions segment. Hillenbrand aims to leverage its significant market scale to provide comprehensive solutions, reflecting its confidence in successful integration and growth.

Positive

• Acquisition of Peerless enhances product offerings in the food processing sector.
• Expected synergies with existing brands could drive revenue growth.
• Confident in creating shareholder value through effective integration.

Negative

• None.

BATESVILLE, Ind., Dec. 1, 2022 /PRNewswire/ -- Hillenbrand, Inc. (NYSE: HI) announced today it has completed the acquisition of the Peerless Food Equipment division of Illinois Tool Works Inc. for a purchase price of approximately $59 million, subject to customary post-closing adjustments, using available borrowings under its existing credit facility.  

"The equipment and solutions offered by Peerless are highly complementary to those offered under our LINXIS Group brands," said Kim Ryan, President and Chief Executive Officer of Hillenbrand. "With our significant scale in the food end market achieved by combining Peerless with our existing Coperion, LINXIS, and Gabler technologies, we can deliver more comprehensive solutions to our customers. Given our track record of successfully integrating acquisitions, we are confident in our ability to create shareholder value with Peerless as we deploy the Hillenbrand Operating Model and leverage our scalable foundation."

Peerless will be included in the Advanced Process Solutions (APS) segment, which is focused on highly engineered industrial processing solutions and aftermarket parts and services for a variety of end markets and applications, including food, plastics, chemicals, and recycling.

About Hillenbrand

Hillenbrand (NYSE: HI) is a global industrial company operating in over 40 countries with over 10,000 associates serving a wide variety of industries around the world. Guided by our Purpose — Shape What Matters For Tomorrow™ — we pursue excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders. Hillenbrand's portfolio includes brands such as Coperion, Milacron Injection Molding & Extrusion, and Mold-Masters, in addition to Batesville. To learn more, visit: www.Hillenbrand.com. 

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SOURCE Hillenbrand, Inc.

FAQ

What is the purchase price for Hillenbrand's acquisition of Peerless Food Equipment?

The purchase price for the acquisition is approximately $59 million.

How will the acquisition of Peerless impact Hillenbrand's business?

The acquisition is expected to enhance Hillenbrand's product offerings and create operational synergies within its Advanced Process Solutions segment.

When was the acquisition of Peerless Food Equipment completed?

The acquisition was completed on December 1, 2022.

What segment will Peerless Food Equipment be included in?

Peerless will be included in the Advanced Process Solutions segment.

What are the expected benefits of the Peerless acquisition for shareholders?

The acquisition is anticipated to create shareholder value through enhanced scale and comprehensive solutions in the food market.