Hillenbrand, Inc. Plans to Divest Its Industrial Segment
Transaction to Create Two Pure-Play Public Companies Focused on Life Sciences and Engineering
Hillenbrand, Inc. (NYSE:HI), a global diversified industrial company, today announced plans to divest its Industrial segment, which includes its Process Equipment Group and Advanced Process Solutions Group.
The transaction is expected to create two pure-play public companies, one focused on life sciences and the other on engineering.
The life sciences company will be comprised of Hillenbrand's BioScience, Medical, and Bard divisions, which provide a range of products and services to the healthcare industry. The engineering company will include Hillenbrand's Process Equipment Group and Advanced Process Solutions Group, which provide equipment and services to the process industries.
The divestiture is expected to be completed in the second half of 2023, subject to customary closing conditions, including regulatory approvals.
“This transaction is a major step forward in our strategy to create two pure-play public companies that are better positioned to capitalize on their respective market opportunities,” said Joe Raver, Hillenbrand’s President and CEO. “The life sciences company will be a leader in providing innovative solutions to the healthcare industry, while the engineering company will be a leading provider of equipment and services to the process industries.
The transaction is expected to create a number of benefits for Hillenbrand, including:
- Increased focus on each company's core businesses
- Improved profitability and cash flow
- Enhanced growth prospects
- Increased shareholder value
Hillenbrand has retained Goldman Sachs & Co. LLC as its financial advisor and Cravath, Swaine & Moore LLP as its legal counsel in connection with the transaction.
About Hillenbrand, Inc.
Hillenbrand is a global diversified industrial company with operations in over 40 countries. The company serves a wide range of markets, including the healthcare, food, beverage, chemical, and energy industries. Hillenbrand's portfolio of leading brands includes Bard, BioScience, Medical, Process Equipment Group, and Advanced Process Solutions Group.
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