Hillenbrand, Inc. (HI)

Hillenbrand, Inc. was an Indiana-based industrial company whose roots trace back to 1906, when John A. Hillenbrand acquired the Batesville Casket Company. The modern public company emerged in 2008, when Hill-Rom Holdings separated its funeral products business and the parent of Batesville was spun off as an independent, NYSE-listed company headquartered in Batesville, Indiana. For years the company was best known for its Batesville segment, a leading North American maker of burial caskets, cremation products and memorialization items.

Over the following decade management steered the company toward industrial equipment. It acquired Coperion, a German maker of compounding, extrusion and material-handling systems, in 2012, and later Rotex, a maker of screening and separating equipment. These businesses were organized in what became the Advanced Process Solutions segment, serving plastics, food, chemicals, pharmaceuticals, minerals and related industries.

In 2019 Hillenbrand completed its largest transaction, the acquisition of Milacron, a supplier of injection molding, extrusion and hot runner systems. Milacron became the core of the Molding Technology Solutions segment, which served automotive, consumer goods, packaging, medical and construction customers. After the deal, Hillenbrand reported three segments: Advanced Process Solutions, Molding Technology Solutions and Batesville.

Like many capital-goods makers, Hillenbrand faced uneven demand in its later years, particularly in plastics-related markets and in molding equipment, which is sensitive to consumer and automotive spending. The company worked to simplify its portfolio and improve margins, and it explored strategic options for parts of its business as it sought to improve returns for shareholders.

On October 15, 2025, Hillenbrand announced a definitive agreement to be acquired by funds managed by Lone Star Funds, a private equity firm, for $32.00 per share in cash. The transaction valued the company at roughly $3.8 billion including debt. The offer represented a premium to the company's unaffected share price and was approved by the board of directors.

Hillenbrand shareholders approved the transaction at a special meeting, and regulatory clearances were obtained in the following months. Lone Star announced completion of the acquisition in early February 2026. Upon closing, each outstanding share was converted into the right to receive $32.00 in cash, NYSE trading in Hillenbrand common stock was suspended, and a Form 25 was filed on February 10, 2026 to remove the shares from listing and registration. Hillenbrand continues to operate as a privately held company.