Auxiliary equipment maker K-Tron sold to coffin manufacturer
In one of the odder couplings of recent years, Hillenbrand Inc., a provider of caskets for the funeral home in...
In one of the odder couplings of recent years, Hillenbrand Inc., a provider of caskets for the funeral home industry, is purchasing auxiliary equipment supplier K-Tron International Inc.
Hillenbrand, headquartered in Batesville, Ind., will acquire the Pitman, N.J.-based K-Tron for about US$435 million.
The transaction is expected to be completed by the end of March 2010, and K-Tron will remain headquartered in Pitman.
Hillenbrand is best known in the so-called “death care industry” for being the owner of Batesville Casket Co.
“We are delighted that K-Tron will be joining the Hillenbrand family of companies,” said Kenneth A. Camp, Hillenbrand’s president and chief executive officer. “Although K-Tron’s products differ from ours, we are both manufacturing companies that share similar processes and core operational values. Like our Batesville Casket business, the K-Tron operating companies are leaders in their industries and have highly effective executive management teams. K-Tron has a strong track record of delivering superior financial performance and creating significant shareholder value.”
“We’re looking forward to taking advantage of Hillenbrand’s lean business strengths in planning, processes and talent development to help create even more opportunities for growth and financial success,” said Edward B. Cloues II, K-Tron’s chairman and chief executive officer.
Cloues will be appointed to the Hillenbrand board when the merger is completed.
K-Tron reported US$243 million in sales and net profit of $25.8 million for fiscal year 2008, which ended Jan. 3, 2008.