Hillenbrand completes sale of Cimcool business
BATESVILLE, Ind. (Inside INdiana Business) – Batesville-based Hillenbrand Inc. (NYSE: HI) has announced that its wholly-owned subsidiary Milacron LLC has completed the sale of its Cimcool business to DuBois Chemicals Inc. in Ohio. As reported earlier this month, Hillenbrand says the $224 million cash deal is the result of the company’s 2019 acquisition of Cincinnati-based Milacron Holdings Corp.
“Finalizing the sale of Cimcool is timely and an important milestone for Hillenbrand,” said Joe Raver, president and chief executive officer of Hillenbrand. “The proceeds from the divestiture meaningfully strengthen our financial position and provide additional flexibility.”
DuBois has also agreed to pay up to an additional $26 million dependent upon a future sale of the combined DuBois and Cimcool businesses.