Indiana, US-based industrial equipment and solutions provider Hillenbrand, Inc. (NYSE: HI) has agreed to acquire the Schenck Process Food and Performance Materials (FPM) business, located in Missouri, and offering processing technologies and systems, for an enterprise value of approximately USD 730m, the company said.
Hillenbrand expects to use cash on hand and cash available under its revolving credit facility to fund this acquisition. The transaction is expected to close during Hillenbrand's fiscal fourth quarter of 2023, subject to regulatory approvals and other customary closing conditions.
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