Batesville-based Hillenbrand is best known as a maker of products for the death care industry, including caskets. But the industrial division—known as the Process Equipment Group—actually is the company’s largest segment, generating nearly $1 billion of the company’s $1.6 billion in revenue in the latest fiscal year.
"This acquisition advances Hillenbrand's strategy to transform into a world-class global diversified industrial company," Hillenbrand CEO Joe Raver said in a statement.
The Process Equipment Group has been aggressively expanding through acquisition. In September, the division completed the purchase of Germany-based ABEL Pumps LP for about $103 million. The company makes piston pumps for the wastewater and power-generation industries.
Investors have cheered Hillenbrand’s diversification. The company’s shares are trading at about $29.80, up from about $17.50 in the summer of 2012.