Batesville-based Hillenbrand Inc. (NYSE: HI) has completed the divestiture of its TerraSource Global business in a more than $25 million deal with Chicago-based industrial holding company Right Lane Industries. As a result of the deal, TerraSource and its subsidiaries have been consolidated into TerraSource Holdings LLC, with RLI holding majority ownership.
TerraSource is a St. Louis-based company that manufactures material handling, size reduction, screening and processing, pneumatic, and feeder equipment for a variety of industries. Under the terms of the agreement with RLI, Hillenbrand will retain an indirect 49% ownership of the newly-formed company.
“We are pleased to announce this transaction, which, in combination with two other divestitures earlier this year, represents a key strategic milestone achieved,” Joe Raver, chief executive officer of Hillenbrand, said in a news release. “Last year we announced our intention to streamline our portfolio and we have executed our plan, enabling greater focus on growing our platforms and delivering shareholder value.”