Hillenbrand Closes K-Tron International Purchase

April 5, 2010
Advertisement

imageCasket 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.

Advertisement

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.

Source: BusinessWeek.com

CDFuneralNews

CDFuneralNews

ConnectingDirectors.com is the leading online daily publication for funeral professionals with a reader base of over 45,000 of the most elite and forward-thinking professionals in the profession. With ConnectingDirectors.com we have created a global community through an online platform allowing funeral professionals to Stay Current. Stay Informed and Stay Elite.
CDFuneralNews
Advertisement

You may be interested

FTC Releases Results of Undercover Funeral Rule Investigation… 4 Regions Bombed
Funeral Industry News
882 views
Funeral Industry News
882 views

FTC Releases Results of Undercover Funeral Rule Investigation… 4 Regions Bombed

Justin Crowe - June 18, 2018

The FTC has released its report detailing the results of its undercover Funeral Rule investigation for 2017. Last year, the…

RELEASE THE FN CRAKN! | FUNERAL nation 114
Funeral Industry News
274 views
Funeral Industry News
274 views

RELEASE THE FN CRAKN! | FUNERAL nation 114

CDFuneralNews - June 18, 2018

It's a barn burner... The Commander is moving his Command Post!!! Besides the Commander on the move, the boys speak…

FrontRunner Professional Announces Expansion of Development Team
Frontrunner Professional
3 views
Frontrunner Professional
3 views

FrontRunner Professional Announces Expansion of Development Team

CDFuneralNews - June 18, 2018

Today FrontRunner Professional announced a significant expansion to their programming and development team with the addition of Greg Daye and…

Comments