Batesville, Indiana-based Hillenbrand Inc. announced Dec. 1 that it has completed its acquisition of the Peerless Food Equipment division of Illinois Tool Works Inc. for approximately $59 million, subject to customary post-closing adjustments, using available borrowings under its existing credit facility.
“The equipment and solutions offered by Peerless are highly complementary to those offered under our LINXIS Group brands,” said Kim Ryan, President and CEO of Hillenbrand. “With our significant scale in the food end market achieved by combining Peerless with our existing Coperion, LINXIS, and Gabler technologies, we can deliver more comprehensive solutions to our customers. Given our track record of successfully integrating acquisitions, we are confident in our ability to create shareholder value with Peerless as we deploy the Hillenbrand Operating Model and leverage our scalable foundation.”
Hillenbrand said Peerless will be included in the Advanced Process Solutions (APS) segment, which is focused on highly engineered industrial processing solutions and aftermarket parts and services for a variety of end markets and applications, including food, plastics, chemicals and recycling.
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