1954 1978. Guided by our Purpose Shape What Matters For Tomorrow we pursue excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders. Hillenbrand is one of the. 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. Credit Suisse served as lead financial advisor to LongRange and TD Securities also served as financial advisor on the transaction. Its extremely unsettling to think of our mortality. You may opt-out by. Copyright 2023 MarketWatch, Inc. All rights reserved. Every day the world lives, works, plays, travels, eats, and heals because of what we do at Hillenbrand. Hillenbrand, Inc. engages in designing, manufacturing, and servicing highly engineered and mission-critical equipment and solutions to the customers. 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 these peers achieve better operating margins compared to BATES. Jan 31, 2023. 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. Intraday Data provided by FACTSET and subject to terms of use. batesville is a broker that sells shares of stock on a stock exchange. 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. Click to feedback > If HIs stock price hadnt doubled, there would have been a risk that the market cap size for Batesville would have been too small and been kicked out of the SmallCap 600 Index, and shareholders would have incurred index selling pressure. Hillenbrand split Hill-Rom into a separate publicly traded company in 2008. In fact, close to 55% of all funerals in the US currently are cremations. 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. Caskets. Visit a quote page and your recently viewed tickers will be displayed here. Swing bar hardware is introduced on Batesville caskets. The company launches its Options cremation line. It has 10,500 employees globally and in 2021, it reported that 6,500 of its employees were located in Indiana. have continued to progress with the transition away from just selling caskets in the death care business to becoming a large diversified industrial company. Hillenbrand agrees to sell storied Batesville Casket Co. for $761M, Commercial Real Estate & Construction Power Breakfast, Engage Greater Lafayette West Lafayette, Engage West Central Indiana Terre Haute, The stars are aligning in climate-change fight, Tech success requires playing offense and defense, Real estate, construction industries adapt to market challenges, Flight challenges are far from insurmountable, Todays solutions combine automation, talent, DEI progress is good for the entire community, Diversity efforts require sincerity, patience, Innovation isnt a luxury, its essential, Advice from entrepreneurs whove been there, Office sector reinventing itself; multifamily and industrial sectors thrive, Fixing leaks in our talent and information pipelines, Organizations take a hard look at hiring practices, Educators still too focused on traditional paths, Employers, educators working together can improve outcomes and economy, Ending food insecurity takes scale, creativity, Technological advancements heighten cybersecurity challenges, Better design, sound fundamentals contribute to upbeat forecast, Technology applications at Trine only limited by students imagination, Why public relations is essential in times of uncertainty, Advanced Accelerator Applications bets on Indianapolis and the future of radiopharmaceuticals, RJE has two reasons to celebrate: 32 years serving the Indianapolis community, and a new partnership focused on the future of the workplace, Delta Dental teams up with VSP Vision Care, So You Want to Start and Sell a Business, Why Your Next Great Hire May Never Walk Through Your Door, Delta Dental offers enhanced benefits for patients with special needs, Data Integrity, Breaches, and Consumer Trust, Verizons 5G network is advancing Indys tech economy, The Culture Queen on what it takes to be an entrepreneur, Business Cares: Corporate Social Responsibility, Business Cares Diversity, Equity & Inclusion. Full Time position. Shareholders, potential investors, and other readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. According to a release, LongRange's purchase of Batesville is expected to close in the first quarter of 2023. 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. Hillenbrand upgraded to buy from neutral at Sidoti & Co. Hillenbrand downgraded to neutral from buy at Sidoti & Co. Hillenbrand Inc. stock rises Friday, still underperforms market, Hillenbrand Inc. stock outperforms competitors on strong trading day, Hillenbrand Inc. stock outperforms market on strong trading day, Hillenbrand Inc. stock rises Tuesday, outperforms market, Hillenbrand sells casket business Batesville to LongRange Capital, Hillenbrand Sells Batesville Casket Business for $761.5 Million, Coronavirus Is Slamming Funeral-Services Stocks Too, Hillenbrand downgraded to 'junk' territory at Fitch, Weighing Hillenbrands Deal to Acquire Milacron, S&P 500, Dow, Nasdaq close at record levels again as bulls bank on Fed rate cut, Milacron's stock soars after Hillenbrand buyout deal valued at $2 billion, McDonald's and the Olympics end partnership, Hillenbrand's Return On Capital Employed Overview, 3 Industrial Stocks You'll Wish You Bought Sooner, 3 Manufacturing Stocks You Should Be Focused on in 2023. We deliver innovative products and solutions that make a difference in the lives of families and matter to the funeral industry. Currently, BATES is expected to report a margin of around 20%-21% for FY22E, primarily through selling caskets. Create a list of the investments you want to track. WOODBRIDGE PECAN/146799 CWPNBACMBQ / Batesville $5,299 Solid pecan casket with a medium stained, satin finished exterior and champagne velvet interior. Guinea Sets Two-Week Deadline for Alumina Plants Projects, RAF Jets Escort Plane in Distress to Stansted Airport, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows, Rivian Tells Staff EV Output May Be 24% More Than Forecast, VW Will Build a $2 Billion Electric Truck and SUV Plant in South Carolina, Meta Cuts the Price of Its Quest Headset Up to 33% After Disappointing Demand, John Malone andCharter Directors Agree to $87.5 Million Settlement, Apples Cloud Chief to Leave, Adding to Wave of Departures, Congo President Tells Macron Conflict in East May Delay Election, Anti-ESG Crusader Wants to Take Trumps Agenda to Next Level, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. Batesville plus size Stainless Steel Oversize Casket w/ Silver Velvet Interior. Nominate a company for IBJs exclusive ranking of fastest-growing privately held companies by March 1st. HI We believe a separation into an independent company will allow BATES to leverage on its operational performance and potentially venture into the higher margin Funeral business and Services as well as the cremation space, thereby improving its operating margins and increasing investor wealth. 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. The next major story for Hillenbrand will be moving their HQ location out of the state. 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. With industry-leading brands in its Advanced Process Solutions (APS) and Molding Technology Solutions (MTS) segments, Hillenbrand is well-positioned to accelerate long-term growth in attractive end markets including plastics, food, and recycling, all of which are expected to benefit from secular macroeconomic growth trends. Will fit into a standard outer burial container. Alaskas arduous Iditarod kicks off with ceremonial start. Solid Mahogany Batesville Paragon Mahogany. It grew to become the largest producer of caskets in the nation and its shiny gold Promethean casket has often been spotted at celebrity burials, including for superstars Michael Jackson, Aretha Franklin and James Brown. 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. 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.. Here at The Edge, we to seek out untapped shareholder value as well as underperforming companies for Activist investors. The Company offers cremation urns, containers, and other related products. Evercore acted as a financial advisor for Hillenbrand for this transaction, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel. If the management wanted to shift debt in such a proportion to allow Batesville to remain a part of the SmallCap Index, it would have required a 42% distribution of debt, which would have led to a higher leverage of 6.2x for Batesville, making it even less appealing for investors as a standalone company, Market Cap Scenario of Split Based on February 2022 Estimated Revenue Contribution. A distinction is often made between coffin and casket: the latter is generally understood to denote a four-sided (almost always rectangular) funerary box, while a coffin is usually six-sided. 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. This browser is no longer supported at MarketWatch. 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.. Batesville Casket Company website. - A private investment firm will buy an Indiana business that's been making caskets in Indiana since the 19th century. Paralegal. They will likely not be stewards of the city as the Hillenbrand company has admirably been for decades. STAMFORD, Conn., December 15, 2022--(BUSINESS WIRE)--LongRange Capital ("LongRange"), a private investment firm with a longer-term orientation to building and growing middle market businesses, announced that it has entered into a definitive agreement to acquire Batesville Casket Company ("Batesville"), a leading provider of quality death care products and services as well as innovative technology solutions. Wood, Particle Board, and Corrugated Caskets Casket Description Price Solid Mahogany Batesville President Mahogany. Add to Cart. These factors include, but are not limited to: global market and economic conditions, including those related to the financial markets; the impact of contagious diseases such as the COVID-19 pandemic and the escalation thereof due to variant strains of the virus and the societal, governmental, and individual responses thereto, including supply chain disruption, loss of contracts and/or customers, erosion of some customers' credit quality, downgrades of the Company's credit quality, closure or temporary interruption of the Company's or its suppliers' manufacturing facilities, travel, shipping and logistical disruptions, domestic and international general economic conditions, such as inflation, exchange rates and interest rates, loss of human capital or personnel, and general economic calamities; risks related to the Russian Federation's invasion of Ukraine (referred to herein as the "Ukraine War") and resulting geopolitical instability and uncertainty, which could have a negative impact on our ability to sell to, ship products to, collect payments from, and support customers in certain regions, in addition to the potential effect of supply chain disruptions that could adversely affect profitability; the risk of business disruptions associated with information technology, cyber-attacks, or catastrophic losses affecting infrastructure; negative effects of the Linxis Group SAS ("Linxis") acquisition or other acquisitions on the Company's business, financial condition, results of operations and financial performance (including the ability of the Company to maintain relationships with its customers, suppliers and others with whom it does business); the possibility that the anticipated benefits from the Linxis acquisition and other acquisitions cannot be realized by the Company in full or at all or may take longer to realize than expected; risks that the integrations of Linxis or other acquired businesses disrupt current operations or pose potential difficulties in employee retention or otherwise affects financial or operating results; any failure to obtain, or delays in obtaining, required regulatory approvals or clearances for the Proposed Transaction; any failure by the parties to satisfy any of the other conditions to the Proposed Transaction; the possibility that the Proposed Transaction is ultimately not consummated; potential adverse effects of the announcement or results of the Proposed Transaction on the market price of the Company's common stock or on the ability of the Company to develop and maintain relationships with its personnel and customers, suppliers and others with whom it does business or otherwise on the Company's business, financial condition, results of operations and financial performance; risks related to diversion of management's attention from our ongoing business operations due to the Proposed Transaction; the impact of the Proposed Transaction on the ability of the Company to retain and hire key personnel; increasing competition for highly skilled and talented workers as well as labor shortages; our level of international sales and operations; the impact of incurring significant amounts of indebtedness and any inability of the Company to respond to changes in its business or make future desirable acquisitions; the ability of the Company to comply with financial or other covenants in debt agreements; cyclical demand for industrial capital goods; the ability to recognize the benefits of any acquisition or disposition, including potential synergies and cost savings or the failure of the Company or any acquired company to achieve its plans and objectives generally; impairment charges to goodwill and other identifiable intangible assets; competition in the industries in which we operate, including on price; impacts of decreases in demand or changes in technological advances, laws, or regulation on the revenues that we derive from the plastics industry; our reliance upon employees, agents, and business partners to comply with laws in many countries and jurisdictions; increased costs, poor quality, or unavailability of raw materials or certain outsourced services and supply chain disruptions; continued fluctuations in mortality rates and increased cremations; the dependence of our business units on relationships with several large customers and providers; competition faced by our Batesville business from non-traditional sources; the impact to the Company's effective tax rate of changes in the mix of earnings or tax laws and certain other tax-related matters; exposure to tax uncertainties and audits; involvement in claims, lawsuits and governmental proceedings related to operations; uncertainty in the United States political and regulatory environment or global trade policy; adverse foreign currency fluctuations; labor disruptions; and the effect of certain provisions of the Company's governing documents and Indiana law that could decrease the trading price of the Company's common stock. We believe the correct route for them is to Spinoff the business to existing shareholders to maximize value. 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. The company was founded on November 1, 2007 and is headquartered in Batesville, IN. To learn more, visit: www.Hillenbrand.com. Batesville begins manufacturing metal caskets. If we assume management decides to assign enough debt on BATES that the leverage trades in-line with peers (around 3.7x), this requires a debt distribution in the ratio of 51%-49% for Advanced Process Solutions & Molding Tech Solutions and BATES, respectively. Batesville 15,765 followers 3mo Like the Dryden casket? First nationwide distribution system, allowing the fast, reliable delivery across the country. Now, using the stable and predictable cashflow from BATES, the debt has been brought down to about 1.5x as of Q1 2022. December 15, 2022, 12:14 PM BATESVILLE, Ind. The ladies in the front office are very helpful. 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 . Were being punished after I remarried. "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. 2021-22 Hoosiers Talk About Why Indiana is a Great Place for Your Career, 2020-21 Todays College Students Older, Wiser, 2019-20 Former Indy 500 Driver Crosses College Finish Line, United places huge order with Boeing to replace aging planes, Lebanon votes to annex 5,225 acres for LEAP district, Hoosier manufacturers ramping up adoption of advanced technologies, report shows, As supply chains unclog, consumers enjoy (tentative) relief, Noblesville City Council approves incentives for $30M SMC expansion plan, Republic sues flight school students over deal for reduced tuition, Investors wary as Elanco pins hopes on new products, Robotics curriculum initiative targets younger, nonwhite kids. Beginning healing. 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. Lilac Silver 18 Gauge Steel Casket $ 1,795.00 Athena Rose - 18 Gauge Steel Casket $ 1,595.00 White Cross 18 Gauge Steel Casket $ 1,595.00 Princeton 18 Gauge Steel Premium Casket $ 1,495.00 Spruce 18 Gauge Steel Casket $ 1,495.00 Royal Ebony 18 Gauge Steel Casket $ 1,595.00 Noble Blue Brush 18 Gauge Steel Casket $ 1,795.00 Were being punished after I remarried. Founded in 1884, Batesville (commonly referred to as the . $999.99. 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. The Molding Technology Solutions segment includes engineered and customized equipment, systems, and services in plastic technology and processing. Otherwise it is a great place to work. 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. 18 Gauge Metal; 20 Gauge Metal; Oversized Caskets; Stainless Steel Caskets; Full Couch Caskets; Showing 80 of 115 products. 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. Batesville is a recognized leader in excellence, innovation and service in the death care industry. The first embroidered designs for casket interiors are created and launched, lending a more personal touch to Batesville caskets. Fixed pii_email_4bd3f6cbbb12ef19daea Error, The Way to Repair Outlook pii_email_11fe1b3b7ddac37a081f Error Code, Personally identifiable information PII doesnt belong in your email University Information Technology The University of Utah, pii_email_37f47c404649338129d6 Error Is Solved Now, Emailing PII :: Administrative Department :: USNA. Law Clerk, Paralegal, Legal Assistant. Currency in USD Follow 2W 10W 9M 47.14 +0.33 (+0.70%). Help relatives and loved ones properly grieve their loss. John A. Hillenbrand and associates pose at the Batesville facility (via Batesville) Starting in the 1860s, a German immigrant began quietly acquiring these small casket brands in a bid to consolidate the market. 7. 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. 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. The transaction allows Hillenbrand and Batesville to maintain clear focus on their respective core industries, creating value for customers, shareholders, other stakeholders, and associates. In this episode, we hear how she became a sponge for product design, figured out how to make accessible yet high-end jewelry, and how she even relocated to China for the better part of a year to personally see to her brand's manufacturing. 2023 SwingTradeBot. It is a broker that is regulated by the Securities and Exchange Commission. Please note our updated comment policy that will govern how comments are moderated. Batesville is committed to creating products that help families find healing and build a stronger future for funeral professionals and the death care industry. There are currently no items in this Watchlist. Log in to see them here or sign up to get started. "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. Matthews International Will His AI Plans Be Any Different? 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. We make the industrial equipment that molds possibilities for our future and delivers what's essential to sustain our tomorrow. After thorough review, it was determined that the divestiture of the Batesville business is in the best interests of Hillenbrand and its shareholders. The Batesville segment is involved in the death care industry. As well as sadness. It is the largest casket manufacturer in USA, but also sells funeral urns and other funeral products. Manufacturing/Operations 1 day ago New Paralegal Batesville, Indiana, USA 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. Batesville releases the FailSafe liner for metal caskets. 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. 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 . Cremation, meanwhile, has been eating into casket sales. Thats not to say that there arent many problems with the city. 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. (In-state rival Batesville Casket Co., a subsidiary of Hillenbrand Industries Inc., was the largest.) Are Industrial Products Stocks Lagging Hillenbrand (HI) This Year? However, a lot has happened between then and now that has made a Spinoff of the casket segment even more compelling. Visit a quote page and your recently viewed tickers will be displayed here. Continuing to innovate in casket design, the company introduces the original gasketed casket and first safety-sealed hardware. Baxter bought Hill-Rom in 2021. In March 2020, HI was a $1.4 billion Market Cap ($3.1 billion EV) company. Total Insider Purchases and Sales Reported to the SEC. Thats why I wanted to ask that question, because its a city with a population of 30,000 people, but still manages to have a rich history, and one of the oldest banks in the state. Batesville Caskets provide the highest brand name quality caskets in the funeral and cremation industry. As a Warehouse Associate you will be responsible for. Expanded technology platforms offer complete business solutions to the industry. Please enable JavaScript to view this content. Batesville Casket was the only company Hillenbrand owns in Indiana and represented about 25% of their total revenue.