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Hillenbrand agreed to purchase K-Tron International Inc., a manufacturer of industrial conveyor and control systems in New Jersey.

Hillenbrand, the holding company for Batesville Casket Co., said it will acquire K-Tron for about $435M, including roughly $45M in K-Tron debt and cash on hand. The final purchase price, however, will be calculated based on K-Tron’s financials on the day the sale closes.

The transaction is expected to be completed by the end of March, at which time K-Tron will operate as a wholly owned subsidiary of Hillenbrand.

The purchase price translates to $150 per share in cash, which represents a 32.1-percent premium over the January 8 closing price of K-Tron’s stock, and a 38.6% premium over the 20-day average closing stock price, Hillenbrand said.

Directors of both companies have unanimously approved the agreement, which still needs to be voted upon by shareholders.

Read the full story at ibj.com.

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