Hillenbrand Completes Sale of Abel Pumps to IDEX Corporation
Hillenbrand, Inc. (“Hillenbrand”) announced that it has completed the sale of Abel Pumps, L.P., and certain of its affiliates (“ABEL”) to IDEX Corporation (“IDEX”). The sale closed in accordance with the terms of the Share and Interest Purchase and Transfer Agreement with IDEX that was announced on January 11, 2021, resulting in cash proceeds to Hillenbrand of approximately $103.5 million.
“The ABEL divestiture is an important step in our strategy to streamline our portfolio, increase financial flexibility, and accelerate growth,” said Joe Raver, President and CEO of Hillenbrand. “The completion of the ABEL sale will help drive shareholder value and strengthen our key business platforms.”
Consistent with its current capital allocation priorities, Hillenbrand intends to use proceeds from the sale to reduce leverage and reinvest in organic growth opportunities.
Hillenbrand (www.hillenbrand.com) is a global diversified industrial company with businesses that serve a wide variety of industries around the world. We pursue profitable growth and robust cash generation to drive increased value for our shareholders. Hillenbrand’s portfolio includes industrial businesses such as Coperion, Milacron Injection Molding & Extrusion, and Mold-Masters, in addition to Batesville, a recognized leader in the death care industry in North America. Hillenbrand is publicly traded on the NYSE under “HI.”
Source: Hillenbrand, Inc.