As part of an effort to become more streamlined and reduce its debt, Batesville-based Hillenbrand Inc. is in the midst of multiple divestitures.
Hillenbrand makes industrial equipment for a variety of industries and also owns casket company Batesville.
On Dec. 31, Hillenbrand completed its sale of its Red Valve business to Minnesota-based DeZurik Inc. for $63 million, including $58 million cash plus a $5 million note payable.
Hillenbrand had acquired Red Valve in December 2015 for $131.9 million.
And on Jan. 11, Hillenbrand announced it had reached an agreement to sell its Abel Pumps LP business to Northbrook, Illinois-based IDEX Corp. for $103.5 million in cash.
That deal is expected to close by the end of this quarter.
Hillenbrand acquired Abel, a German company, in October 2015 for 95 million euros, or about $106 million.
“The divestiture of Abel follows the recent sale of Red Valve and, together, furthers the execution of our strategy to streamline our portfolio, increase financial flexibility and accelerate growth,” Hillenbrand CEO Joe Raver said in a statement.•
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