BATESVILLE, Ind. -- Batesville-based Hillenbrand Inc. (NYSE: HI) has completed the acquisition of Cincinnati-based Milacron Holdings Corp. in a cash and stock transaction valued at nearly $2 billion.

The acquisition, which was first announced in July, has been unanimously approved by the boards of directors of both companies.

According to Hillenbrand, the deal includes repayment of Milacron's outstanding debt.

Under the terms of the merger agreement, Milacron stockholders receive $11.80 in cash and a fixed exchange ratio of 0.1612 shares of Hillenbrand common stock for each share of Milacron common stock they own.

Milacron manufactures, distributes and services systems in the plastics technology and processing industry. Hillenbrand says the acquisition will enhance growth opportunities, increase scale and diversification of its businesses, and create and drive efficiencies within the company.

Hillenbrand President and Chief Executive Officer Joe Raver says no decision has been made over Milacron’s Cimcool business that produces synthetic lubricants for the automobile and aerospace industries.

"Given our vision to create a portfolio of scalable businesses and the need to target our internal investments, we believe it is in the best interest of Hillenbrand and Cimcool to seek strategic alternatives for Cimcool," said Raver.

Hillenbrand is using a third-party financial advisor to review the separate company.