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Batesville Casket operates in the United States. Back in 2020, while the minimum market capitalization restrictions would have been lower than what it is today in order for both the RemainCo and the SpinCo to remain in the S&P SmallCap 600 Index to prevent any near-term index selling pressure, other complications surrounding its debt would have arisen. Over the years, weve fulfilled Hillenbrands vision to create the finest funeral products. After thorough review, it was determined that the divestiture of the Batesville business is in the best interests of Hillenbrand and its shareholders. Continuing innovation in casket design, Batesville introduces the lift/tilt adjustable bed. Batesville Casket Company website. Joining Batesville means becoming part of a tight-knit family that thrives on teamwork, community, and making a difference in peoples' lives. To learn more, visit: www.Hillenbrand.com. 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. 7. Musk Made a Mess at Twitter. This was reflected in its 2-year TSR annualized (shown below), but historically HI has always been on the lower-end of the TSR chart versus its peers and Index with respectfully a better performance recently. John A. Hillenbrand purchases Batesville Coffin Company and changes its name to Batesville Casket Company. Founded in 1884, Batesville (commonly referred to as the . With annual revenues of nearly $600 million, Batesville is the clear leader, providing a comprehensive portfolio of burial and cremation products, memorialization offerings, profit-enhancing merchandising systems, and leading-edge technology designed to help funeral directors succeed. Credit Suisse served as lead financial advisor to LongRange and TD Securities also served as financial advisor on the transaction. Hillenbrand has a direct presence in 3 countries. Net proceeds from the sale are expected to be used for debt reduction, Hillenbrand said. Cremation is the combustion, vaporization, and oxidation of cadavers to basic chemical compounds, such as gases, ashes and mineral fragments retaining the appearance of dry bone. Net proceeds from the sale are expected to be used for debt reduction, Hillenbrand said in a news release. Forward-looking statements are based on assumptions that we believe are reasonable, but by their very nature are subject to a wide range of risks. Hillenbrands move would result in it selling off the casket-making business and brand that served as the roots for the larger Hillenbrand company in Batesville starting in 1884. Explore one of our most. 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. It has 10,500 employees globally and in 2021, it reported that 6,500 of its employees were located in Indiana. Job specializations: Law/Legal. ", "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. Disclaimer of . Add To Cart. Here is the key point: Forward-looking statements are not guarantees of future performance or events, and actual results or events could differ materially from those set forth in any forward-looking statements. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Cremation may serve as a funeral or post-funeral rite as an alternative to the interment of an intact dead body in a coffin or casket. Expanded technology platforms offer complete business solutions to the industry. 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. The author owns shares of Hillenbrand Inc. Batesville releases the FailSafe liner for metal caskets. In 1906, his son, John A. Hillenbrand, bought the struggling Batesville and resurrected it into a profit machine.. As a subsidiary of Hillenbrand, Batesville became a powerhouse. The next major story for Hillenbrand will be moving their HQ location out of the state. Historical and current end-of-day data provided by FACTSET. Hillenbrand is one of the. Subscriber Agreement & Terms of Use | Hillenbrand had announced on July 20, 2022, that its board was starting to look for "strategic alternatives" for the Batesville business, which started in 1884 as the Batesville Coffin Company before it was purchased by John A. Hillenbrand in 1906. Intraday data delayed at least 15 minutes or per exchange requirements. Finally on July 20, the company have announced a strategic review of their Batesville business. batesville is a broker that sells shares of stock on a stock exchange. Adjusted EBITDA decreased to $40.5 million as compared to about $52.3 million in last year's first quarter. If you have not registered, please sign up for a free account now. The transaction allows Hillenbrand and Batesville to maintain clear focus on their respective core industries, creating value for customers, shareholders, other stakeholders, and associates. 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. The Company offers cremation urns, containers, and other related products. This is a BETA experience. Bloomberg's Alix Steel and Paul Sweeney harness the power of Bloomberg Intelligence to provide in-depth research and data on more than 2,000 companies and 130 industries. Credit Suisse served as lead financial advisor to LongRange Capital and TD Securities also served as financial advisor. Our history of manufacturing excellence, product innovation, superior customer service, and reliable distribution spans more than a century. Its stock was trading at around $17 early this week, below its $19.39 on Jan. 28 but above the $16.68 where it started the year. Warehouse Associate- (full-time) Columbus, Ohio, USA. Founded in 2019, LongRange Capital was formed to take a longer-term approach to investing and building middle market businesses through a company-focused and customer-first philosophy. 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. Batesville begins manufacturing metal caskets. Over the last two years, the management at Hillenbrand It is a broker that is regulated by the Securities and Exchange Commission. 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, Hillenbrand credit cut to BB+, or 'junk' territory, at Fitch, Hillenbrand's stock tumbles 12.5% premarket after $2 bln cash and stock deal to buy Milacron, Milacron's stock soars 26% premarket after Hillenbrand buyout deal, Hillenbrand to buy Milacron in a cash and stock deal valued at $2 bln. The following is all from our March 31, 2022, report with some recent updates and is available on request. Our Batesville Caskets . Thats not to say that there arent many problems with the city. 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. Pros. Manufacturing/Operations 1 day ago New Paralegal Batesville, Indiana, USA This would lead to a market cap of around $1.6 billion for BATES and a $1.7 billion Market Cap for the RemainCo (with a favorable leverage of 1.4x). LongRange Capital was founded in 2019 by Bob Berlin and invests in a range of consumer, industrial and information and technology companies. As a Warehouse Associate you will be responsible for. First nationwide distribution system, allowing the fast, reliable delivery across the country. Cookie Notice (). Nominate a company for IBJs exclusive ranking of fastest-growing privately held companies by March 1st. Copyright 2023 MarketWatch, Inc. All rights reserved. Now, using the stable and predictable cashflow from BATES, the debt has been brought down to about 1.5x as of Q1 2022. 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. Our one-year Base case target price is $67.36 for HI, implying a potential upside of +45% from the current share price of $46.57. Hillenbrand Inc. has reached an agreement to sell its storied Batesville Casket Co. to an affiliate of a Connecticut-based private equity firm for $761.5 million. If you are an Activist investor looking for companies like this or you are a regular investor looking to take advantage of price moves due to corporate change, please contact me and experience our service. More info / Customize. -- 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. 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. Batesville introduces the MemorySafe drawer as a customization option. Aurora had 600 employees, up from 400 a decade earlier. 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. However, coffins having a one-piece side with a curve at the shoulder instead of a join are more commonly used in the United Kingdom (UK). Have Watchlists? It operates through the following segments: Advanced Process Solutions, Molding Technology Solutions and Batesville. Historical and current end-of-day data provided by FACTSET. In that report, that you can read here, they reported that the Batesville segment produced revenue of $623 million for the year. "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," said Bob Berlin, Managing Partner at LongRange. In March 2020, HI was a $1.4 billion Market Cap ($3.1 billion EV) company. Currently, BATES is expected to report a margin of around 20%-21% for FY22E, primarily through selling caskets. They have favorites that can do as they please, walk around or just hide. Caskets are delivered to more than 16,000 funeral homes daily using Batesville's own fleet of trucks. 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. Round end shell design. . have continued to progress with the transition away from just selling caskets in the death care business to becoming a large diversified industrial company. There are also a lot of poor people living there. 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. Sometimes companies are sitting on hidden value and at other times, they just need to be given a push to consider looking more closely at finding and ultimately realizing that value for shareholders. The first embroidered designs for casket interiors are created and launched, lending a more personal touch to Batesville caskets. The company purchased American Tourister, In c., of Warren, Rhode Island, in 1978. . Intraday Data provided by FACTSET and subject to terms of use. What it will take to get a contrarian buy signal for gold, Bombay Sapphire ups the lemony flavor in this elegant, refreshing addition to its gin lineup, An orphan at 65: setting new priorities after the loss of your parents, U.S. prepares new rules on investment in China. Team work is hard to come by so don't expect help. Aegean Copper . Completing our transformation into a pure-play industrial company allows Hillenbrand to concentrate our investments into our APS and MTS segments, where we see strong growth potential, Hillenbrand CEO Kim Ryan said in written remarks.We look forward to building upon our track record of performance, enabled by consistent deployment of the Hillenbrand Operating Model to drive profitable growth and deliver long-term value to our shareholders.. We help families honor the lives of those they love in everything we do, from our products and services to our deep connections and partnerships with the funeral industry. Antique Blue . There are currently no items in this Watchlist. Its good they recognize that because its true. Greenberg Traurig, LLP acted as legal counsel to LongRange Capital. It is a broker that is regulated by the Securities and Exchange Commission. 598 Total Views. In fact, close to 55% of all funerals in the US currently are cremations. Based on the above scenario, a 73%-27% split would lead above the minimum $850 million market cap needed for BATES to stay in the S&P SmallCap 600 Index and will also give a leverage of 2x, which is less than the combined Parents 2.3x. Join the thousands of business and community leaders and Indiana residents that choose IBJ as their primary local news source. Batesville Casket Co.-Vicksburg Operations, Vicksburg, Miss. 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. Listing for: Batesville Casket Company. For the best MarketWatch.com experience, please update to a modern browser. Every day the world lives, works, plays, travels, eats, and heals because of what we do at Hillenbrand. A coffin about to be lowered at a funeral service in a cemetery. As of September, the company reported it had 11,000 employees globally, with 3,800 of them in the United States. HIs new and current CEO (as of January 1, 2022) is Kimberly K. Ryan. 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. One of the biggest is that theres a lot of debt. Turn on desktop notifications for breaking stories about interest? Both firms made the announcement Thursday morning and noted the total enterprise value of the acquisition is $12.4 billion, which includes debt assumption. The stock youre looking for is called Batesville Casket Company, and it is a stock broker that sells shares of stock on a stock exchange. For a more in-depth discussion of these and other factors that could cause actual results to differ from those contained in forward-looking statements, see the discussion under the heading "Risk Factors" in Part I, Item 1A of Hillenbrand's Form 10-K for the year ended September 30, 2022, filed with the Securities and Exchange Commission ("SEC") on November 16, 2022. We are the engineers, the manufacturers, the makers, the shapers. Valuation Matrix on Relative & SOTP Bases, Peer Comparison Matrix for the Advance Process & Molding Tech Solutions Segment, Peer Comparison Matrix for the Batesville Segment. $999.99. "Completing our transformation into a pure-play industrial company allows Hillenbrand to concentrate our investments into our APS and MTS segments, where we see strong growth potential," said Kim Ryan, President and Chief Executive Officer of Hillenbrand. Hand rubbed, high gloss finish. Throughout this release, we make a number of "forward-looking statements," including statements regarding the proposed sale of our Batesville business (the "Proposed Transaction") and the expected timing, costs and benefits thereof, that are within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and that are intended to be covered by the safe harbor provided under these sections. The move away from HIs 100+ year old legacy death/burial business first began after a string of acquisitions starting in 2010. It is a broker that is regulated by the Securities and Exchange Commission. The incumbent will be responsible. Intraday data delayed at least 15 minutes or per exchange requirements. However, it said both Hillenbrand and Batesville Casket would continue to be headquartered in Batesville, a community of 6,700 people about 50 miles from Cincinnati. Pearl velvet interior. The Advanced Process Solutions segment provides compounding, extrusion, and material handling, screening, and separating equipment, systems, and services for manufacturing and other industrial processes. Batesville 16 Gauge Batesville 18 Gauge Batesville Bronze & Copper Batesville Hardwood Oversized Eco Friendly Cremation Hero & Military Vault New Arrivals On Sale Uncategorized Color See below for our different market cap scenarios. WARREN OAK/239372 CWOKBAMIBQ / Batesville $6,099 Solid oak casket with a dark stain, satin finish exterior and champagne velvet interior. Hillenbrand, Inc. engages in designing, manufacturing, and servicing highly engineered and mission-critical equipment and solutions to the customers. Matthews International Purchase your ticket today. (December 2021) Batesville Casket Company manufactures caskets and cremation urns. LongRanges 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 customary closing conditions. Otherwise it is a great place to work. All quotes are in local exchange time. 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. (KBAL) since January 2014, which performed a Spin of its Electronic Manufacturing Services business called Kimball Electronics, Inc. (KE) on November 3, 2014. Batesville Casket Co Inc - Company Profile and News - Bloomberg Markets Bloomberg Terminal Demo Request Bloomberg Connecting decision makers to a dynamic network of information, people. The Molding Technology Solutions segment includes engineered and customized equipment, systems, and services in plastic technology and processing. The business it has that sticks out like a sore thumb and that doesn't fit with the rest of the company is its Batesville business, which is involved in the manufacturing and sale of funeral service products, including burial and cremation caskets, cremation containers and urns, other personalization and memorialization products and technology applications for funeral homes.

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