BATESVILLE, Ind. — Hillenbrand, Inc. announced Thursday it has agreed to sell its Batesville Casket business to a private equity firm for $761.5 million.
The casket manufacturing operation will remain headquartered in Batesville, according to a news release from Hillenbrand announcing the sale.
LongRange Capital is expected to close on the sale in the first calendar quarter of 2023.
Hillenbrand had announced on July 20, 2022, that its board was starting to look for "strategic alternatives" for the Batesville business, which started in 1884 as the Batesville Coffin Company before it was purchased by John A. Hillenbrand in 1906. It has been known as the Batesville Casket Company ever since.
The company now manufactures a line of funeral, cremation and burial products to serve the death care industry.
The transaction allows Hillenbrand and Batesville to focus on their respective core industries.
Hillenbrand headquarters and the Batesville casket business will both stay in Batesville.
"Batesville is a strong business with passionate associates who are committed to our customers and our mission of helping families honor the lives of those they love," said Chris Trainor, president of Batesville. "We will remain focused on serving our customers and look forward to working with LongRange Capital as our partner, and with Hillenbrand to ensure a smooth transition for our associates."
The sale is expected to further establish Hillenbrand as a global industrial leader in highly engineered processing solutions. Its Advanced Process Solutions (APS) and Molding Technology Solutions (MTS) position Hillenbrand to grow in markets including plastics, food and recycling.
Proceeds from the sale are expected to be used for debt reduction.
