Hillenbrand Inc. (NYSE: HI), Batesville, Indiana, on Monday announced that it has agreed to sell Abel Pumps LP to IDEX Corp. (NYSE: IEX) for $103.5 million. The sale follows Hillenbrand’s previously announced intent to exit the ABEL business and is expected to be completed in Hillenbrand’s second fiscal quarter.
“We are pleased to announce that we have reached an agreement to sell ABEL, which is a key part of our ability to drive shareholder value and strengthen our key business platforms,” said Joe Raver, president and CEO of Hillenbrand. “The divestiture of ABEL follows the recent sale of Red Valve and, together, furthers the execution of our strategy to streamline our portfolio, increase financial flexibility, and accelerate growth.”
Hillenbrand said it intends to use proceeds from the sale to “reduce leverage and reinvest in organic growth and profitability opportunities.”
Delphi Advisors served as Hillenbrand’s financial adviser on the divestiture.