Batesville / IN. (hil) Hillenbrand Inc., a global industrial company operating in over 40 countries with more than 10,000 associates serving a wide variety of industries around the world, announced it has completed the acquisition of the Peerless Food Equipment division of Illinois Tool Works Inc. for a purchase price of approximately USD 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.
OTHER TOPICS FROM THIS SECTION FOR YOU:
- Nestle S.A.: reports half-year results for 2024
- PepsiCo: Reports Second-Quarter 2024 Results
- Oatly AB: Reports Second Quarter 2024 Financial Results
- Grupo Bimbo: Reports Second Quarter 2024 Results
- Gruma: reports second quarter 2024 results
- Reborn Coffee: Provides Q1-2024 Corporate Update
- Coca-Cola: Reports Second Quarter 2024 Financial Results
- Krispy Kreme: Sells Majority Stake of Insomnia Cookies
- Dominos: Announces Q2-2024 Financial Results
- Reborn Coffee takes over Korean Bbang Ssaem Bakery
- SSP Group: announces Third Quarter Trading Update 2024
- LG Chem and ADM: Joint Ventures in Illinois are canceled
- Wendy’s: Company plans to expand into Europe
- Delivery Hero: may face significant fine due to antitrust violations
- Emmi Group: intends to acquire Mademoiselle Desserts
- AB Foods: announces strong H1-2024 performance
- DSM-Firmenich: Queen Maxima inaugurates new dual head office
- RBI: Announces Investments to Drive Growth in China
- Europastry S.A.: puts its IPO process on hold
- McCormick: Reports Second Quarter Performance