BATESVILLE, IN — Hillenbrand, Inc. announced it has completed the acquisition of the Schenck Process Food and Performance Materials (FPM) business from Schenck Process Group for an enterprise value of approximately $730 million. Hillenbrand announced its intent to acquire FPM earlier this year.
FPM joins Hillenbrand’s Advanced Process Solutions (APS) segment, which focuses on industrial processing solutions and aftermarket parts and services for a variety of end markets and applications, including durable plastics, recycling and processed food.
“The completion of the FPM acquisition further strengthens our leadership position across attractive, growing end markets of food, durable plastics and chemicals,” said Kim Ryan, president and CEO of Hillenbrand. “This acquisition represents another step forward in the execution of our strategy to grow as a pure-play industrial company. By combining the applications and systems processing expertise of FPM with our Advanced Process Solutions segment and deploying the Hillenbrand operating model, we are well-positioned to offer greater value to our customers and drive scale efficiencies. I am confident this transaction further positions us to deliver profitable growth and compelling long-term shareholder value.”
Kansas City, MO-based FPM has over 1,300 employees globally and sells to customers in over 150 countries. The company specializes in the design, manufacturing, and service of feeding, filtration, baking, and material handling technologies and systems that will complement the equipment and solutions currently offered in Hillenbrand’s APS segment. Hillenbrand expects FPM to generate full calendar year 2023 revenue of approximately $540 million and approximately $68 million of EBITDA.
