Batesville-based Hillenbrand Inc. (NYSE: HI) says it has completed the sale of its Red Valve Business to DeZURIK Inc. in Minnesota. The company says it will use the proceeds from the $63 million deal primarily to reduce debt.

Hillenbrand says the purchase price included a $58 million cash payment at closing on December 31, as well as a $5 million note payable. The company did not specify if any jobs would be affected by the sale. 

“The timely divestiture of Red Valve results in increased financial flexibility and enhances overall shareholder value,” Joe Raver, president and chief executive officer of Hillenbrand, said in a news release.

Headquartered in Pennsylvania, Red Valve manufactures valves for the water, power, mining and other general industrial markets. Hillenbrand acquired Red Valve in early 2016 for nearly $132 million.

Hillenbrand says it will update its financial guidance to reflect the sale on its fiscal first quarter 2021 earnings call.