Hillenbrand completed the acquisition of the peerless food equipment division of Illinois Tool Works for $59m.

Hillenbrand, a global diversified industrial company, completed the acquisition of the peerless food equipment division of Illinois Tool Works, an industrial products and equipment manufacturer, for $59m. "The equipment and solutions offered by Peerless are highly complementary to those offered under our LINXIS Group brands. With our significant scale in the food end market achieved by combining Peerless with our existing Coperion, LINXIS, and Gabler technologies, we can deliver more comprehensive solutions to our customers. Given our track record of successfully integrating acquisitions, we are confident in our ability to create shareholder value with Peerless as we deploy the Hillenbrand Operating Model and leverage our scalable foundation," Kim Ryan, Hillenbrand President and CEO.