RTTNews | Jan 11, 2021 09:19AM EST

09:19 Monday, January 11, 2021 (RTTNews.com) - Diversified industrial company Hillenbrand, Inc. (HI) announced Monday that it has reached a definitive agreement to sell Abel Pumps, L.P., and certain of its affiliates to IDEX Corp. (IEX). The sale follows Hillenbrand's previously announced intent to exit the ABEL business.

Hillenbrand has entered into a Share and Interest Purchase and Transfer Agreement with IDEX, pursuant to which IDEX has agreed to acquire ABEL for $103.5 million in cash, subject to customary post-closing adjustments. The transaction is expected to be completed in Hillenbrand's second fiscal quarter, subject to customary closing conditions.

Consistent with its current capital allocation priorities, Hillenbrand intends to use proceeds from the sale to reduce leverage and reinvest in organic growth and profitability opportunities.

Read the original article on RTTNews ( https://www.rttnews.com/3159450/hillenbrand-to-sell-abel-pumps-business-to-idex-for-103-5-mln-in-cash-quick-facts.aspx)

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