Casket Maker Hillenbrand Buying Another Company for $240 Million

August 8, 2011
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Batesville, Indiana — Batesville-based Hillenbrand Inc., known for its casket business, has agreed to pay $240 million in cash to acquire a manufacturer of material-handling equipment.

Hillenbrand expects to close on its purchase of Cincinnati-based Rotex Global LLC from California-based Windjammer Capital Investors later this month. Rotex makes dry material separation machines.

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The acquisition continues Hillenbrand’s strategy of diversifying its business into products outside its “death care products” mainstay. That strategy was launched in January 2010 when Hillenbrand agreed to pay $435 million for New Jersey-based K-Tron International, which makes equipment used in the plastics, food, chemical, drug, mining, paper and wood industries.

During the first six months of this year, the K-Tron division accounted for 25 percent of Hillenbrand’s revenue and 19 percent of its earnings before interest, taxes, depreciation and amortization, or EBITDA. K-Tron had revenue through the first half of the year of $109 million and EBITDA of $23 million.

Over the past 12 months, Rotex had revenue of $90 million and EBITDA of $24 million.

“ROTEX is a well-respected international company that focuses on high-quality manufacturing, has enduring customer relationships and generates strong cash flow-all of which are key attributes for any company joining Hillenbrand, Inc.,” Hillenbrand CEO Kenneth Camp said in a prepared statement.

He added that Rotex has been working to grow in Europe and Asia, which will help Hillenbrand expand all its material-handling businesses in those markets.

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CDFuneralNews

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