Batesville-based Hillenbrand Inc. (NYSE: HI) is reporting a fiscal first quarter net loss of $3.1 million, compared to net income of $28.3 million during the same period the previous year. The company says the drop is primarily due to costs related to its November acquisition of Cincinnati-based Milacron Holdings Corp.
Despite the drop in profit, Hillenbrand says revenues for the quarter increased 38%, the majority of which was contributed by Milacron. The company completed the nearly $2 billion acquisition during the quarter.
“We’re excited to have closed the Milacron acquisition, which represents a major step in our transformation journey to become a world-class global diversified industrial company, and further establishes Hillenbrand as a leading equipment provider across the plastics value chain,” Joe Raver, chief executive officer of Hillenbrand, said in a news release. “We’re focused on executing our integration plans to advance our strategy and deliver targeted cost synergies. Our teams are already making meaningful progress on these objectives.”
Raver says they are just getting started as a combined company, but he is “highly confident” in the value the acquisition can create.
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