Batesville-based Hillenbrand Inc. (NYSE: HI) has announced an agreement to acquire a Pennsylvania manufacturer. The deal for Red Valve Company Inc. is valued at more than $130 million.
The company will join Hillenbrand’s Process Equipment Group, which has undergone significant growth in the last year. In October it closed on the acquisition of ABEL Pumps LP in Germany, which was priced at over $100 million.
Hillenbrand expects the transaction to close within a month. Chief Executive Officer Joe Raver says "this acquisition advances Hillenbrand’s strategy to transform into a world-class global diversified industrial company. We believe Red Valve will complement our recent ABEL acquisition, increasing our ability to expand into new end markets and geographies within the highly attractive flow control space."
Red Valve produces highly-engineered valves for municipal and industrial wastewater applications. Over the last 12 months, the company reported nearly $39 million in revenue. President Chris Raftis says "we are excited about the opportunities Hillenbrand brings to our company. Hillenbrand has a global footprint that provides us with a significant opportunity for international growth and we look forward to working with the company to achieve our strategic vision."
Hillenbrand has two business units: the Process Equipment Group and Batesville.