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Over the last two years, the management at Hillenbrand, Inc. have continued to progress with the transition away from just selling caskets in the death care business to becoming a large diversified industrial company. Upon completion of Hillenbrand's divestiture of its Batesville business, Hillenbrand and Batesville will both remain headquartered in Batesville, Indiana. . If you have not registered, please sign up for a free account now. We tend to put it out of our minds, but as with taxes, death is an absolute certainty, as Mr. Benjamin Franklin so succinctly put it. Join the thousands of business and community leaders and Indiana residents that choose IBJ as their primary local news source. Batesville is a recognized leader in excellence, innovation and service in the death care industry. The firms investment professionals have a long track record of demonstrated success and collectively bring 50+ years of investing experience. Our history of manufacturing excellence, product innovation, superior customer service, and reliable distribution spans more than a century. The 125-year-old company currently builds metal and wood caskets at five plants in the United States and Mexico. View source version on businesswire.com: https://www.businesswire.com/news/home/20221215005565/en/, Brian Ruby, ICR, 203-682-8268, brian.ruby@icrinc.com, https://www.businesswire.com/news/home/20221215005565/en/, Soccer-Traore on target as Wolves stun wasteful Spurs, Death toll in strike on Ukraine's Zaporizhzhia rises to 11 - officials, UPDATE 1-Bankman-Fried can have flip phone, limited internet while on bail, US proposes, China's economy, government revamp in focus as parliament set to open, The U.S. government is turning up the heat on TikTok here's the latest. Designer and entrepreneur Melody Ehsani takes us on a journey from her early days working retail, to designing her first shoes and jewelry lines, to collaborating with Red Hot Chili Peppers and Jordan brand before taking on a bespoke role at Foot Locker. Hillenbrand and Batesville intend to keep their headquarters in Greater Cincinnati. Cookie Notice (). BATESVILLE, Ind., Dec. 15, 2022 /PRNewswire/ -- Hillenbrand, Inc. (NYSE: HI) announced today that it has entered into a definitive agreement to sell its Batesville business segment to an affiliate of private equity firm, LongRange Capital, for $761.5 million, which includes an $11.5 million sub-note. Please slide to verify. Hillenbrand, Inc. (HI) Stock Price, News, Quote & History - Yahoo Finance Dow Futures Hillenbrand, Inc. (HI) NYSE - NYSE Delayed Price. 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. One of the biggest is that theres a lot of debt. Copyright 2023 MarketWatch, Inc. All rights reserved. You'll love the new Dryden Brown featuring a beautiful, warm satin finish that highlights the woodgrain. Batesville Casket traces its roots to 1884, when it was founded as the Batesville Coffin Co. John A Hillenbrand purchased the company in 1906 and renamed it the Batesville Casket Co. The absence of any of these words, however, does not mean that the statement is not forward-looking. It is a city that some of the same people who work in the banks, the same people who run the banks, have been involved in the economy of the city from the beginning. Jan 31, 2023. One company that came across our radar two years ago was Hilllenbrand (HI), currently trading at $45 a share. Batesville Casket traces its roots to 1884, when it was founded as the Batesville Coffin Co. John A Hillenbrand purchased the company in 1906 and renamed it the Batesville Casket Co. Lowest price guaranteed. Peers SCI and CSV are expected to make around 30% and 33%, respectively, owing to their revenue mix. So many people dont want a casket anymore. Today, Batesville is a leading provider of quality products and business solutions in the death care industry, offering the widest selection of burial and cremation products, memorial keepsakes and business and technology solutions that meet the changing needs of families and licensed funeral professionals across North America. Cremation, meanwhile, has been eating into casket sales. KBAL Hillenbrand sells casket business Batesville to LongRange Capital Dec. 15, 2022 at 7:44 a.m. . Currency in USD Follow 2W 10W 9M 47.14 +0.33 (+0.70%). . 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. Historical and current end-of-day data provided by FACTSET. Brexit Peters Out As Windsor Framework Close To Agreement, Most Funds Have Been Rotating From Growth Back To Value, But This Asset Manager Still Prefers Value, Forget About Too Big To Fail, Now Theres Too Big To Try, Who Would Become A Politician - Social Media Sows Divides And Divorce, Why Some Fund Managers Prefer Dividends Over Share Buybacks, Democracys Keynes Moment - Time To Bolster Democracy, Diverging World - Strong Labour Markets May Force The Fed To Hike Rates Further. Revenue Break-Up: Last Fiscal Year End & 9MFY22. The ladies in the front office are very helpful. The Batesville segment is involved in the death care industry. Have Watchlists? However, when asked about the long-term shift towards cremation (as peers have been), this topic is never fully explored, and the management highlighted a slight decrease in the revenues was due to an increase in families opting for cremation. Evercore acted as a financial advisor for Hillenbrand for this transaction, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel. "We will remain focused on serving our customers and look forward to working with LongRange Capital as our partner, and with Hillenbrand to ensure a smooth transition for our associates.". It is a broker that sells shares of stock on a stock exchange. Its a city that has a huge amount of history and a very little reason for it, and its always been that way. Privacy Notice | The first embroidered designs for casket interiors are created and launched, lending a more personal touch to Batesville caskets. Valuation Matrix on Relative & SOTP Bases, Peer Comparison Matrix for the Advance Process & Molding Tech Solutions Segment, Peer Comparison Matrix for the Batesville Segment. 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. As part of an increasing focus on personalization, LifeSymbols corners are introduced. Swing bar hardware is introduced on Batesville caskets. The company launches its Options cremation line. Furthermore, when we find them, we also need to explain exactly how that can be achieved. 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. Batesville is a great company with some amazing people however management turns the blind eye. Pearl velvet interior. However, our Sum-of-the-parts target price comes to around $78.99, which implies a potential upside of +70%. With a stock market that has taken a bashing, companies need to think of their shareholders as the economy tightens its belt and further consider how they are going to offer value for the holders of their stock. The incumbent will be responsible. Batesville Casket's parent company, Hillenbrand Industries, reported Fiscal Year 2021 and FY 4th Quarter 2021 results last week. Therefore, this gives HIs management even more room to manage and distribute debt among the RemainCo and the SpinCo. Founded in 1884, Batesville has a long track record of creating and delivering quality funeral products and solutions. However, trends toward cremation were slowly shrinking sales. Its good they recognize that because its true. Any number of factors, many of which are beyond our control, could cause our performance to differ significantly from what is described in the forward-looking statements. Furthermore, the split would have led to Batesville leaving the S&P SmallCap 600 in March 2020 as the criteria for inclusion required a minimum market cap of $600 million to remain in the SmallCap Index. Intraday Data provided by FACTSET and subject to terms of use. Theranoss Elizabeth Holmes gives birth to second baby, pushes to delay starting her 11-year prison term, Elon Musks bid to implant chips into human brains shot down by FDA. LongRange's acquisition of Batesville, from Hillenbrand, Inc. , a global industrial company, is expected to close in the first quarter of 2023, subject to regulatory approval and other customary . More info / Customize. 24/7 coverage of breaking news and live events. 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. BATESVILLE, Ind. Finally, the management are no strangers to value creation from Spinoffs. . Privacy Notice | As of September, the company reported it had 11,000 employees globally, with 3,800 of them in the United States. FREE SHIPPING. What do we do? Hillenbrand split Hill-Rom into a separate publicly traded company in 2008. (December 2021) Batesville Casket Company manufactures caskets and cremation urns. The following is all from our March 31, 2022, report with some recent updates and is available on request. Trustpilot. Batesville (BATES) derives 89% of its business from the sale of caskets, whereas its peers have a mixture of casket sales and funeral services, and we believe the services business is helping. It is a broker that is regulated by the Securities and Exchange Commission. I feel very hurt: My late wifes parents cut me out of their will and reduced my daughters inheritance. Please note our updated comment policy that will govern how comments are moderated. The company said the casket company's sale, coupled with its acquisitions of LINXIS Group, Herbold Meckesheim, Peerless Food Equipment and Gabler Engineering, will mark a significant milestone for Hillenbrand, establishing it as a global industrial leader in highly engineered processing solutions and plastics molding. Batesville Caskets for Sale | Funeral Home Caskets 85% off! 2022-23 Looking for Talent? In . Ms. Ryan has been on the board of a company that previously performed a Spinoff. Editor's note: You can comment on IBJ stories by signing in to your IBJ account. This was made clear in HIs most recent transcript (Feb 3, 2022), where the management said that our next strategic pillar is to manage Batesville for cash.. When completed, this divestiture, coupled with the strategic acquisitionsof LINXIS Group, Herbold Meckesheim, Peerless Food Equipment, and Gabler Engineering in 2022, will mark a significant milestone in Hillenbrand's transformation, establishing Hillenbrand as a global industrial leader in highly engineered, mission-critical processing solutions. Sort by: Aegean Bronze . About Us; Furthermore, the management has proudly highlighted they have been able to achieve a 100% FCF conversion rate over the past decade, which shows both BATES and the remaining HI business (Advance Process & Molding Technology Solutions) are high free cash flow generating divisions. Thats not to say that there arent many problems with the city. BRUSHED BRONZE PROMETHEAN, 48OZ. Currently, BATES is expected to report a margin of around 20%-21% for FY22E, primarily through selling caskets. -- 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. Aegean Bronze (203) - $5,300.00. Market Cap Scenario of Split Based on March 2020 Revenue Contribution. Batesville is committed to creating products that help families find healing and build a stronger future for funeral professionals and the death care industry. For more than a century, Batesville has supported licensed funeral professionals in helping families honor the lives of those they love. A history of manufacturing excellence, product innovation, superior customer service and reliable delivery helped Batesville become and remain an industry leader. . 86% of retail CFD accounts lose money, https://www.prnewswire.com/news-releases/hillenbrand-announces-divestiture-of-batesville-casket-company-accelerating-transformation-301704086.html, Hillenbrand Annual Meeting Led by New Chairperson, Helen Cornell, Hillenbrand Declares Second Quarter Dividend of $0.22 Per Share, Hillenbrand FQ1 results mixed, co raises FY 2023 adj. (AP) 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. WOODBRIDGE PECAN/146799 CWPNBACMBQ / Batesville $5,299 Solid pecan casket with a medium stained, satin finished exterior and champagne velvet interior. A distinction is often made between coffin and casket: the latter . The real question is whether BATES becomes an independently listed company and uses this predictable cash to expand and improve their FY22E margins (20% compared to over 30% like its peers SCI and CSV), especially to pivot from the relatively high mortality rate seen in 2020 and 2021. It is the largest casket manufacturer in USA, but also sells funeral urns and other funeral products. Warehouse Associate- (full-time) Columbus, Ohio, USA. This doubling of the stock actually puts Batesville at the right size (larger market cap) and the right leverage point for a smooth break-up; HI has increased its industrial focus from a 70/30 revenue split to an 80/20 split. Credit Suisse served as lead financial advisor to LongRange and TD Securities also served as financial advisor on the transaction. The home health sector is one of the canaries in the coal mine of the effects of an aging population. When it comes eldercare, help is wanted but workers are scarce. It has been known as the Batesville Casket Company ever since. Caskets. 2023 SwingTradeBot. 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, IN Hospital bed and patient-monitoring device manufacturer Hill-Rom Holdings Inc. is being purchased by medical tech firm Baxter International in a blockbuster $10.5 billion cash deal, or $156 a share.. There are currently no items in this Watchlist. I feel very hurt: My late wifes parents cut me out of their will and reduced my daughters inheritance. 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.

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