Processing equipment and solution provider Hillenbrand has announced plans to acquire Schenck Process Food and Performance Materials (FPM) for around $730 million.
FPM, a portfolio company of private investment firm Blackstone, develops, manufactures, markets and sells a full range of solutions, products and systems for the food, chemicals and performance industries.
FPM specialises in the design, manufacturing and service of feeding, filtration, baking and material handling technologies and systems that are complementary to the equipment and solutions currently offered in Hillenbrand’s ‘Advanced Process Solutions’ segment. Upon closing, FPM will become part of the ‘Advanced Process Solutions’ segment.
Headquartered in Missouri, US, FPM has more than 1,300 global employees and has consumers in over 150 countries. Approximately 85% of the company’s revenues are generated in North America.
Kim Ryan, president and CEO of Hillenbrand, said: “By combining the applications and systems processing expertise of our ‘Advanced Process Solutions’ segment with FPM, we will be positioned to offer greater value to our customers and drive scale benefits across manufacturing, engineering, and procurement”.
Hillenbrand expects to use cash on hand and cash available under its revolving credit facility to fund the acquisition.
The transaction is expected to close during Hillenbrand’s fiscal fourth quarter of 2023, subject to regulatory approvals and other customary closing conditions.
By Phoebe Fraser
Source: foodbev.com
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