Batesville-based Hillenbrand Inc. (NYSE: HI) has completed the sale of its Abel Pumps LP subsidiary to IDEX Corp. (NYSE: IEX) in Pittsburgh. The deal was valued at more than $130 million.
The sale was first announced in January. Hillenbrand says it plans to use the proceeds from the sale to reduce debt and “reinvest in organic growth opportunities.”
“The ABEL divestiture is an important step in our strategy to streamline our portfolio, increase financial flexibility, and accelerate growth,” Joe Raver, chief executive officer of Hillenbrand, said in a news release. “The completion of the ABEL sale will help drive shareholder value and strengthen our key business platforms.”
Hillenbrand first acquired Abel Pumps, which was originally founded in Germany, in 2015 for more than $100 million.