Hillenbrand Inc. (NYSE: HI), Batesville, Indiana, on Monday announced that it has completed the sale of its Red Valve business to DeZURIK Inc. for $63 million. The sale follows Hillenbrand’s previously announced intent to exit the business.
Hillenbrand entered into a stock purchase agreement with DeZURIK in which DeZURIK acquired Red Valve on Dec. 31, 2020, for $58 million in cash a $5 million note payable.
“We are excited to announce the sale of the Red Valve business, which is in line with our commitment to driving shareholder value by focusing on our key business platforms,” said Joe Raver, president and CEO of Hillenbrand. “The timely divestiture of Red Valve results in increased financial flexibility and enhances overall shareholder value.”