Hillenbrand completed the acquisition of the food and performance materials business from Blackstone-backed Schenck Process for $730m.

Hillenbrand, a provider of highly engineered, mission-critical, processing equipment and systems, completed the acquisition of the food and performance materials business from Blackstone-backed Schenck Process, a technology and market company in applied measuring technology, for $730m. "The completion of the FPM acquisition further strengthens our leadership position across attractive, growing end markets of food, durable plastics, and chemicals. This acquisition represents another step forward in the execution of our strategy to grow as a pure-play industrial company. By combining the applications and systems processing expertise of FPM with our Advanced Process Solutions segment and deploying the Hillenbrand Operating Model, we are well-positioned to offer greater value to our customers and drive scale efficiencies. I am confident this transaction further positions us to deliver profitable growth and compelling long-term shareholder value," Kim Ryan, Hillenbrand President and CEO.