Hillenbrand has completed the sale of its majority interest in Milacron to Bain Capital for $287 million. Bain Capital, with an ownership share of approximately 51 percent, now has full operational control.
“This transaction reflects the continued transformation of Hillenbrand's portfolio mix as a pure-play industrial company,” said Kim Ryan, President and Chief Executive Officer of Hillenbrand. “We are confident it will deliver value to Hillenbrand and our shareholders by enhancing our overall margin profile, while enabling us to concentrate on growing our core process and automation equipment for the food, pharmaceutical and polymer end markets.”
Milacron manufactures injection molding and extrusion equipment in Batavia, Ohio, and in India. The sale plan was announced in February, and Hillenbrand expects to use the proceeds to pay down debt.
Hillenbrand acquired Milacron in 2019 in a cash and stock deal valued at approximately $2 billion. That acquisition included Melt Delivery and Control Systems, which makes hot runner and process control systems, mold bases and components under the Mold-Masters, DME and Tirad brands; and Fluid Technologies, with its Cimcool product line of fluids for metalworking.
Hillenbrand still owns Mold-Masters, DME and Tirad; Cimcool was sold in 2020. In the plastics machinery market, Hillenbrand also owns Herbold Meckesheim and Coperion.
“We look forward to supporting Milacron's experienced management team as they continue to enhance the company's global manufacturing and aftermarkets solutions and capture opportunities presented by emerging technology and wider industry tailwinds,” said Matt Evans, a partner at Bain Capital. “Alongside our partners at Hillenbrand, we are excited to build on the company's strong legacy and leadership position by providing Milacron with the necessary tools, technology and resources needed to accelerate its next phase of growth.”
