It'll take the process equipment manufacturer from a publicly-traded company to one owned by Lone Star Funds.
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It's the first acquisition of 2023 for Hillenbrand after the industrial distributor made four bolt-ons in 2022.
Carole Phillips joined Hillenbrand in September 2022 and worked closely with former Chief Procurement Officer Mike Prado, who retired.
Acquired from Illinois Tool Works, the purchase price is $59 million.
Herbold will join the Coperion and Rotex brands as part of Hillenbrand's Advanced Process Solutions (APS) segment.
Former Coperion President Ryan will succeed Raver as CEO of Hillenbrand on January 1.
Year to date, Hillenbrand has seen sales grow 16.4% to $1.4 billion.
Manufacturer follows through on plans to exits ABEL business by unloading business to IDEX for $103.5 million.
After announcing its intention to exit the business, Hillenbrand unloads its Red Valve business for $63 million.
