Hillenbrand to acquire K-Tron International
Hillenbrand, Inc. and K-Tron International, Inc. have signed a definitive merger agreement providing for Hillenbrand's acquisition of K-Tron for $150 per share in cash.
The transaction will have an aggregate purchase price of approximately $435 million and adjusted for debt and cash on hand the estimated net purchase price will be $390 million.
Following the completion of the transaction, expected to occur at the end of March 2010, K-Tron will operate as a wholly owned subsidiary of Hillenbrand.
“Although K-Tron’s products differ from ours, we are both manufacturing companies that share similar processes and core operational values,” said Kenneth Camp, Hillenbrand’s president and CEO.
“Hillenbrand and Batesville Casket represent a long tradition of manufacturing and distribution excellence, and K-Tron’s board and management team are excited to combine our own highperforming people, products and services with Hillenbrand’s,” said Edward Cloues, chairman and CEO at K-Tron..
is the holding company for Batesville Casket Company, a leader in the North American death care industry through the sale of funeral services products, including burial caskets, cremation caskets, containers and urns, selection room display fixturing, and other personalization and memorialization products.
is a global provider of bulk solids material handling equipment and systems for the process, electric utility, pulp and paper, mining and other industries, through two separate business lines, which focus on feeding and pneumatic conveying equipment (K-Tron Process Group) and size reduction equipment (Size Reduction Group).
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