US funeral services products maker Hillenbrand to buy Germany’s Coperion for $530 mn
17 Oct 2012
US funeral services products maker Hillenbrand Inc yesterday agreed to buy German maker of material handling equipment Coperion Capital GmbH, for €408 million ($530 million).
The deal includes €76 million debt and €100 million in pension liability.
Hillenbrand expects to use a combination of cash on hand and cash available under its revolving credit facility to fund the acquisition.
Based in Stuttgart, Germany, Coperion is a global leader in the manufacture of compounding, extrusion and bulk material handling equipment used in a broad range of industries, including plastics, chemical, food processing, pharmaceutical and aluminum, as well as related replacement parts and service.
Coperion generated net income of €38.7 million ($50.2 million) in the 12-month period ended 30 September, on revenues of €520 million ($675 million).
Post closing, Coperion will become the largest unit in Hillenbrand's Process Equipment Group, which is expected to generate revenues of more than $1 billion or about two-third of Hillenbrand's total revenue.
