Batesville-based Hillenbrand Inc. (NYSE: HI) has completed its acquisition of the Peerless Food Equipment division of Illinois Tool Works Inc. (NYSE: ITW). Hillenbrand says the acquisition is valued at nearly $60 million.
Hillenbrand says Peerless will operate as part of its Advanced Process Solutions segment, which specializes in industrial processing engineering and aftermarket parts and services for food, plastics, recycling, and other end markets. The APS segment focuses on compounding, extrusion, material handling, as well as screening and separating equipment.
Chief Executive Officer Kim Ryan says Peerless’ equipment and solutions are highly complementary to Hillenbrand’s LINXIS Group brands.
“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,” said Ryan. “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.”
ITW produces engineered fasteners and components, equipment and consumable systems, and other specialty products.