Hillenbrand To Sell Its Batesville Business Segment For $761.5 Mln

(RTTNews) - Hillenbrand, Inc. (HI) has entered into a definitive agreement to sell its Batesville business segment to an affiliate of private equity firm, LongRange Capital, for $761.5 million. Beginning in its fiscal 2023 first quarter, Hillenbrand expects to classify the Batesville business as held for sale. Net proceeds are expected to be used for debt reduction.

"Completing our transformation into a pure-play industrial company allows Hillenbrand to concentrate our investments into our APS and MTS segments, where we see strong growth potential," said Kim Ryan, President and CEO of Hillenbrand.