Hillenbrand, Inc. announced Wednesday that its Board of Directors had started exploring strategic alternatives for its Batesville business. As part of the process, they will consider a range of potential alternatives.
Kim Ryan, Hillenbrand’s president and CEO, called the move a “defining moment” for Hillenbrand.
“Batesville has been a recognized leader in the death care industry for more than 115 years because of its exceptional quality, innovation and customer service,” Ryan said in a press release. “Through this process, we are focused on determining the best path to benefit Batesville, its stakeholders and Hillenbrand.”
The company hedged a bit, saying there is no guarantee this process will result in the Board pursuing any transactions related to Batesville. They also do not plan to release any more information about this process “unless or until the process is completed or terminated.”
Hillenbrand has gone through a number of high-profile changes in the past year:
- Joe A. Raver retired as CEO in December after 27 years with the company, including eight as its chief executive
- Kristina Cerniglia stepped down as CFO April 29 after eight years in the post
- The company divested TerraSource Global in October, after two other divestitures earlier in 2021
Meanwhile, Hillenbrand announced June 30 its acquisition of Germany-based Herbold Meckesheim, a leader in recycling systems. The company also announced Wednesday a binding offer to acquire LINXIS Group, a leading global provider of mixing, ingredient automation and portioning solutions for food and other higher growth end markets.
Batesville was founded in 1884 as Batesville Coffin Co. It was acquired in 1906 by John Hillenbrand and renamed the Batesville Casket Co.
Hillenbrand has more than 10,000 employees operating in more than 40 countries across various industries. Their other brands include Coperion, Milacron Injection Molding & Extrusion, and Mold-Masters.