Hillenbrand divests TerraSource’s global business – WRBI Radio
BATESVILLE, IN – Hillenbrand Inc., finalized the planned sale of TerraSource Global under an agreement with the industrial holding company Right Lane Industries.
Following the $ 25.6 million agreement, TerraSource and its subsidiaries were consolidated into TerraSource Holdings, LLC, with Chicago-based Right Lane Industries as the majority owner.
Under the terms of the deal, Batesville-based Hillenbrand will retain 49% indirect ownership of the newly formed company.
Hillenbrand announced its intention following a strategic review of its portfolio in August 2020 to divest its subscale businesses, including TerraSource and the company’s flow control businesses, Red Valve and ABEL.
This operation complements the planned exit of these companies.
“We are delighted to announce this transaction, which, combined with two other divestitures earlier this year, represents a key strategic milestone,” said Joe Raver, President and CEO of Hillenbrand. “Last year, we announced our intention to streamline our portfolio and executed our plan, allowing us to focus more on growing our platforms and creating shareholder value. “
TerraSource is based in St. Louis and manufactures material handling, downsizing, screening and processing, pneumatic and feeding equipment for various industries.