There is a new CEO on board after the previous CEO of HI was there for the last eight years and with the company for 27 years. Hillenbrand said it agreed to sell Batesville Casket to a LongRange Capital affiliate so it can focus on its strategic move toward long-term growth in attractive markets such as plastics, food and recycling. The move away from HIs 100+ year old legacy death/burial business first began after a string of acquisitions starting in 2010. Batesville ( www.Batesville.com ), a wholly owned subsidiary of Hillenbrand, Inc. (NYSE: HI), is a recognized leader in the death care industry in North America, offering a comprehensive portfolio of burial and cremation products, memorialization options and innovative technology solutions. The company is a subsidiary of Hillenbrand, Inc., [1] and is headquartered in Batesville, Indiana . Batesville (www.Batesville.com), a wholly owned subsidiary of Hillenbrand, Inc. (NYSE: HI), is a recognized leader in the death care industry in North America, offering a comprehensive portfolio of burial and cremation products, memorialization options and innovative technology solutions. Joe A. Raver retired at the end of 2021. Visit a quote page and your recently viewed tickers will be displayed here. Antique Blue . As a result, some of the services that Batesville has provided over the years are now needed by the city, and not just the city. Something went wrong while loading Watchlist. While Batesville provides a range of burial solutions and cremation options, the bulk of its revenue derives from the sale of caskets. Batesville Casket's parent company, Hillenbrand Industries, reported Fiscal Year 2021 and FY 4th Quarter 2021 results last week. 26" interior width. Intraday data delayed at least 15 minutes or per exchange requirements. Hillenbrand Inc. said Thursday it has agreed to sell its Batesville casket and other funeral products business to an affiliate of private equity firm, LongRange Capital, for $761.5 million, including an $11.5 million sub- Hillenbrand Inc. swung to a loss in its fiscal fourth quarter as expenses grew, but sales surged due to its acquisition of Milacron Holdings Corp. Have Watchlists? The Company offers cremation urns, containers, and other related products. Aegean Bronze (203) - $5,300.00. Alaskas arduous Iditarod kicks off with ceremonial start. This is a BETA experience. Its extremely unsettling to think of our mortality. I dont think its a city thats going to change. Whether youre a broker, developer, or serve the real estate industry, youre invited to a night of mixing + mingling. As longer-term oriented investors with an operational focus and significant carve-out experience, we look forward to partnering with the Batesville management team and its dedicated associates in further supporting the business for many years to come, Berlin said in written remarks. The announcement of the deal with an affiliate of LongRange Capital provided no guidance on what impact the sale might have on Batesville Casket, its employees or its holdings in southeastern Indiana, the Indianapolis Business Journal reported. Its a city that has a huge amount of history and a very little reason for it, and its always been that way. Batesville ( www.Batesville.com ), a wholly owned subsidiary of Hillenbrand, Inc. (NYSE: HI ), is a recognized leader in the death care industry in North America, offering a comprehensive. Batesville is a recognized leader in excellence, innovation and service in the death care industry. HIs new and current CEO (as of January 1, 2022) is Kimberly K. Ryan. EPS from cont ops guidance, Hillenbrand Reports Fiscal First Quarter 2023 Results; Fiscal 2023 Guidance Updated to Reflect Batesville Sale, Hillenbrand is about to announce its earnings here's what to expect, Registration on or use of this site constitutes acceptance of our. Adjusted EBITDA decreased to $40.5 million as compared to about $52.3 million in last year's first quarter. The deal is expected to close in the first quarter of 2023, provided it clears all regulatory hurdles. There can be no assurance that the Proposed Transaction will be consummated. The negative consequences of having an out-of-state investment company as the owner of the Casket Co. operations does not equate to a long-term commitment nor short-term stability. The transaction allows Hillenbrand and Batesville to maintain clear focus on their respective core industries, creating value for customers, shareholders, other stakeholders, and associates. The word took two different paths, cofin in Old French originally meaning basket, became coffin in English and became couffin in modern French which nowadays means a cradle. One of the biggest is that theres a lot of debt. Matthews International The table above highlights the high conversion rate of FCF HI has achieved, which proves their superior debt-paying capabilities and ability to manage higher operational scaling (if required) based on its own funds. Batesville Caskets provide the highest brand name quality caskets in the funeral and cremation industry. Words that could indicate that we are making forward-looking statements include the following: This is not an exhaustive list, but is intended to give you an idea of how we try to identify forward-looking statements. Both firms made the announcement Thursday morning and noted the total enterprise value of the acquisition is $12.4 billion, which includes debt assumption. They pivoted back in like 2008 if you buy an Urn in Indiana it is likely from them as well, Do they still have medical division, they use to have 70% of the hospital bed market. However, trends toward cremation were slowly shrinking sales. Hillenbrand, also based in Batesville, said it has agreed to sell the business to an affiliate of LongRange Capital so it can focus on its strategic move toward long-term growth in attractive markets such as plastics, food and recycling. If you have not registered, please sign up for a free account now. We do this by providing: We help funeral professionals meet the needs of families experiencing a loss and start them on the path to healing. Stamford, Connecticut-based LongRange Capital was founded in 2019 by Bob Berlin and invests in a range of consumer, industrial, and information and technology companies. HI Stock Quote Volume Open Day's Low Day's High 52 Wk Low 52 Wk High Bid Ask EPS PE Ratio Shares Market Cap Dividend Ex-Div Date Yield 1 day 5 days 10 days 1 month 3 months 6 months 1 year . Batesville is committed to creating products that help families find healing and build a stronger future for funeral professionals and the death care industry. However, one of the reasons I love Batesville is because it has a very good economy. Batesville Coffin Company is founded in Batesville, Indiana. LongRange's acquisition of Batesville, from Hillenbrand, Inc. (NYSE: HI), a global industrial company, is expected to close in the first quarter of 2023, subject to regulatory approval and other . At a leverage of 2.3x (Scenario 3) or 1.4x (Scenario 2), the leverage is way lower than the peer average of 3.7x (CSV: 5.4x, MATW: 3.8x and SCI: 3.6x). Please enable JavaScript to view this content. As a Warehouse Associate you will be responsible for. So many people dont want a casket anymore. Its a broker that sells shares of stock on a stock exchange. A separation in March 2020, based on the revenue distribution, would have resulted in a higher leverage for Batesville (BATES) on a standalone basis (4.3x). The forward-looking information in this release speaks only as of the date hereof, and we assume no obligation to update or revise any forward-looking information. We believe the correct route for them is to Spinoff the business to existing shareholders to maximize value. We create opportunities to help families understand the value of meaningful funerals and honoring their loved ones with a personalized tribute. Upon completion of Hillenbrand's divestiture of its Batesville business, Hillenbrand and Batesville will both remain headquartered in Batesville, Indiana. Plush casket interiors are introduced for the first time. One of the things wed like to do is to talk to some of the people whove been through that city, and find out what they think, what theyre up against, what they think of Batesville. Employers, Weve Got You Covered! BATESVILLE, Ind. - A private investment firm will buy an Indiana business that's been making caskets in Indiana since the 19th century. Recognizing a shift in consumer trends, Batesville launches fully tested and warranted oversize caskets. Thats also why I didnt want to give my opinion on it. More info / Customize. The firms investment professionals have a long track record of demonstrated success and collectively bring 50+ years of investing experience. Hillenbrand Inc. said Thursday that it has reached an agreement to sell its Batesville Casket Co. subsidiary the largest producer of caskets in the U.S. to an affiliate of a Connecticut-based private equity firm for $761.5 million. ", "Batesville is a strong business with passionate associates who are committed to our customers and our mission of helping families honor the lives of those they love," said Chris Trainor, President of Batesville. The company was founded on November 1, 2007 and is headquartered in Batesville, IN. The diversified industrial company posted a loss for the quarter ended Sept Hillenbrand Inc.'s credit rating was cut Monday into "junk" territory at Fitch Ratings, citing expectations that the pace of the company's deleveraging following the will slow because of the coronavirus-related economic Shares of Milacron Holdings Corp. soared 21% toward a 9-month high in premarket trading Friday, after the plastic technology and processing company agreed to be acquired by Hillenbrand Inc. in a cash and stock deal value McDonald's Corp. and the International Olympic Committee have ended their partnership, the IOC announced in a release on Friday. BATESVILLE, Ind. (KBAL) since January 2014, which performed a Spin of its Electronic Manufacturing Services business called Kimball Electronics, Inc. (KE) on November 3, 2014. The company announced the deal Thursday morning, a move that would result in the selling off of the business and brand that served as the roots for the larger Hillenbrand company in Batesville starting in 1884 and would grow to become the nations largest casket maker. Were being punished after I remarried. At the time, we acknowledged that with the help of an activist investor, the company can come off its 2008 lows and create value for shareholders. From 2020 to 2021, HIs stock price went from as low as $14.29 (March 18, 2020) to over $45 by the end of February 2021. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Continuing innovation in casket design, Batesville introduces the lift/tilt adjustable bed. The Batesville segment is involved in the death care industry. Batesville Casket Company TCC - Thacker Casket Co mpany TGL - Triangle Casket Co mpany WLW - Watts Line of Woods WRC - Warfield -Rohr Casket Company - Denotes that casket is located in selection room. The company offers a wide selection of burial and cremation products, keepsakes, and business and technology solutions that serve the needs of families and licensed funeral professionals across North America. Batesville Casket Company, Inc. manufactures metal and hardwood burial caskets. Hillenbrand had announced on July20, 2022, that its Board of Directors had initiated a process to explore strategic alternatives for its Batesville business. Employees: 177, union Total Square Footage: 197,816 Primary Product/Market: wood component parts for caskets Start-Up Date: 1975 Achievements: 55% reduction in cost of quality since 2006; 76% reduction in OSHA-recordable injury and illness cases in past three years; 2007 IndustryWeek Best Plants winner.