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Milacron tight-lipped on Hillenbrand deal in Q2 results

August 19/2019

MOSCOW (MRC) -- Executives at Milacron Holdings Corp. remained tight-lipped on any new details regarding the July 12 announcement that Hillenbrand Inc. is buying the company, said Plasticsnewseurope.

Milacron President and CEO Tom Goeke told analysts 30 July in a second quarter earnings call that the company would not be taking any questions related to the transaction.

The blockbuster cash and stock deal is valued at about USD2bn (EUR1.8bn), including net debt of approximately USD686m (EUR615m), and is expected to close in the first quarter of 2020 if approved by Milacron shareholders.

"Our board carefully and thoroughly reviewed the strategic and financial merits of this combination and unanimously concluded that this transaction represents a unique opportunity for Milacron," Goeke said during the conference call.

As part of the merger, Milacron shareholders will receive USD11.80 (EUR10.58) in cash and a fixed exchange ratio of 0.1612 shares of Hillenbrand stock for each share of Milacron stock they own. Under terms of the agreement, Hillenbrand shareholders will own approximately 84% of the combined company and Milacron shareholders will own about 16%.

Both companies are traded on the New York Stock Exchange. Shares of Milacron opened at USD16.83 (EUR15.00) and were trading down 0.36% to USD16.73 during morning trading hours. Hillenbrand shares opened at USD34 (EUR30.49)  and were trading down 1.2% at USD33.70 (EUR30.22). Overall trading on the stock exchange was slightly down for the morning hours on 30 July.

"In Hillenbrand, I believe we have found a tremendous partner," Goeke said. "Our goal at Milacron has always been to provide our customers with innovative products across our critical plastics and fluid technologies. Together with Hillenbrand, we will be able to continue delivering breakthrough products and customised systems to existing and new customers, and strengthen our service platforms and distribution capabilities."

Hillenbrand, based in Batesville, Ind., is the parent company of compounding extruder maker Coperion and auxiliary equipment firms K-Tron and Rotex. It is also the manufacturer of burial caskets under the 100-year-old Batesville Casket brand. Hillenbrand went public in 2008 and has been diversifying into industrial machinery.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil.
Category:General News
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