Hillenbrand Completes Acquisition of Peerless Food Equipment
Hillenbrand, Inc. announced today it has completed the acquisition of the Peerless Food Equipment division of Illinois Tool Works Inc. for a purchase price of approximately $59 million, subject to customary post-closing adjustments, using available borrowings under its existing credit facility.
“The equipment and solutions offered by Peerless are highly complementary to those offered under our LINXIS Group brands,” said Kim Ryan, President and Chief Executive Officer of Hillenbrand. “With our significant scale in the food end market achieved by combining Peerless with our existing Coperion, LINXIS, and Gabler technologies, we can deliver more comprehensive solutions to our customers. Given our track record of successfully integrating acquisitions, we are confident in our ability to create shareholder value with Peerless as we deploy the Hillenbrand Operating Model and leverage our scalable foundation.”
Peerless will be included in the Advanced Process Solutions (APS) segment, which is focused on highly engineered industrial processing solutions and aftermarket parts and services for a variety of end markets and applications, including food, plastics, chemicals, and recycling.
Hillenbrand (NYSE: HI) is a global industrial company operating in over 40 countries with over 10,000 associates serving a wide variety of industries around the world. Guided by our Purpose — Shape What Matters For Tomorrow™ — we pursue excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders. Hillenbrand’s portfolio includes brands such as Coperion, Milacron Injection Molding & Extrusion, and Mold-Masters, in addition to Batesville. To learn more, visit: www.Hillenbrand.com.
Source: Hillenbrand, Inc.