Hillenbrand Closes K-Tron International Purchase
Casket maker Hillenbrand Inc. said Thursday it has completed the acquisition of manufacturer K-Tron International Inc. for about $435 million.
K-Tron will become a unit of the Batesville, Ind., company. K-Tron shareholders received about $150 per share in cash for their common stock in the deal, which was announced in January.
Hillenbrand said the expected purchase price will total about $379 million, when adjusted for K-Tron debt and cash on hand as of Thursday.
K-Tron, which is based in Pitman, N.J., makes industrial feeders and pneumatic conveyers. Hillenbrand owns the Batesville Casket Co. and makes cremation products but is seeking to diversify its portfolio.
Hillenbrand used cash on hand and debt financing to fund the deal. The company said the acquisition will start adding to Hillenbrand’s earnings per share this year.
Edward B. Cloues II, K-Tron’s former chairman and CEO, will join Hillenbrand’s board effective Friday.
Hillenbrand shares rose 35 cents to $22.34 in Thursday afternoon trading.
Latest posts by CDFuneralNews (see all)
- Homesteaders: A Deep Dive | FUNERAL hustle 012 - September 14, 2017
- FrontRunner Professional Announces Ultimate ‘DIY’ Funeral Home Website Platform - September 14, 2017
- Matthews Aurora Funeral Solutions Shares Integration Update - September 14, 2017
You may be interested
Homesteaders: A Deep Dive | FUNERAL hustle 012CDFuneralNews - September 14, 2017
Ryan heads to Homesteaders Life Company HQ to discuss their future partnership with Homesteaders and why and how this partnership…
FrontRunner Professional Announces Ultimate ‘DIY’ Funeral Home Website PlatformCDFuneralNews - September 14, 2017
Today FrontRunner Professional announced the release of it’s brand new website platform, marking a major change for the entire death…
Matthews Aurora Funeral Solutions Shares Integration UpdateCDFuneralNews - September 14, 2017
PITTSBURGH, PA -- Matthews Aurora Funeral Solutions today announced an update of key activities for its ongoing integration of Aurora…