Hillenbrand to acquire K-Tron International
January 13, 2010
Batesville, IN-based Hillenbrand Inc. and K-Tron International Inc., Pitman, NJ, have agreed to a merger, with Hillenbrand acquiring K-Tron for $150 per share. The cash transaction is expected to be completed at the end of March.
Following completion of the transaction, K-Tron will operate as a wholly owned subsidiary of Hillenbrand, and it will remain headquartered in Pitman. Kevin Bowen will be president of K-Tron’s Process Group, and Donald Melchiorre will be president of K-Tron’s Size Reduction Group; both will report to Kenneth Camp, Hillenbrand president and chief executive officer. Edward Cloues II, chairman and chief executive officer of K-Tron, will be appointed to the Hillenbrand board.
“We are delighted that K-Tron will be joining the Hillenbrand family of companies,” Camp said. “Although K-Tron’s products differ from ours, we are both manufacturing companies that share similar processes and core operational values.”
“We’re looking forward to taking advantage of Hillenbrand’s lean business strengths in planning, processes and talent development to help create even more opportunities for growth and financial success,” said Cloues.