BATESVILLE, Ind. (Inside INdiana Business) — Batesville-based Hillenbrand Inc. (NYSE: HI) has announced plans to sell its Cimcool business to DuBois Chemicals Inc. in Ohio. Hillenbrand says the $224 million cash deal is the result of the company’s 2019 acquisition of Cincinnati-based Milacron Holdings Corp.
Cimcool produces metalworking fluids for the automotive, aerospace, and industrial sectors.
“The divestiture of Cimcool aligns with our previously disclosed intent to seek strategic alternatives for the business and allows us to remain focused on the continued integration of the Milacron APPT and MDCS businesses with Hillenbrand,” said Joe Raver, chief executive officer of Hillenbrand. “The proceeds from the sale will be used for de-leveraging activities, strengthening our financial position as we seek to enhance our leadership positions in the industrial platforms that represent our most compelling opportunities for profitable growth.”
DuBois is a century-old company that provides customized and specialty chemical products and related equipment for a variety of industries.
“We are excited that our customers will have access to a new set of solutions, applications experts, and technical service resources to support and add value to their businesses,” said Jeff Welsh, CEO of DuBois. “We believe that this acquisition will allow us to increase our presence among significant customers and important segments. The expanded product portfolio of the combined organization will also allow us to meet our customers’ evolving needs in new applications areas.”
The sale is expected to close on March 30, pending customary closing conditions.