Hillenbrand Inc., the parent company of machinery maker Milacron, is out of the funeral casket business.
The company announced Dec. 15 that it has an agreement to sell its Batesville burial and cremation subsidiary to an affiliate of private equity firm LongRange Capital for $761.5 million. Hillenbrand first said in July that it would focus on becoming a "pure-play industrial company" that would include its Advanced Process Solutions and Molding Technology Solutions business segments.
"Hillenbrand is well-positioned to accelerate long-term growth in attractive end markets including plastics, food and recycling, all of which are expected to benefit from secular macroeconomic growth trends," Hillenbrand officials said.
The sale eliminates a long-standing brand within Hillenbrand. Batesville went into business in 1884 and has been part of Hillenbrand since 1906. But with its new focus on companies including Milacron, Coperion, Rotex and Herbold Meckesheim, the company is following new paths for future growth.