Story from Inside Indiana Business with Gerry Dick, posted July 12, 2019
Batesville-based Hillenbrand Inc. (NYSE: HI) has announced plans for a major acquisition. The manufacturer has entered into an agreement to acquire Cincinnati-based Milacron Holdings Corp. (NYSE: MCRN) in a $2 billion cash and stock deal. The acquisition has been unanimously approved by the boards of directors of both companies.
Milacron manufactures, distributes and services systems in the plastics technology and processing industry. Hillenbrand says the acquisition will enhance growth opportunities, increase scale and diversification of its businesses, and create and drive efficiencies within the company.
“This transaction meaningfully transforms our portfolio and product offering by adding Milacron’s leading technology solutions and sizable installed customer base to help us drive long-term growth,” said Joe Raver, chief executive officer of Hillenbrand. “Milacron aligns with our profitable growth strategy and acquisition framework and we expect the additional capabilities from its high-performing segments to accelerate free cash flow generation and improve margins across the business. I have great respect for Milacron’s talented employees and look forward to welcoming them to Hillenbrand as we embark on this next step in our strategy and create enhanced value for our shareholders, customers, employees, and communities.”