BATESVILLE, Ind. (AP) -- Casket maker Hillenbrand Inc. said Friday it will pay $240 million for the privately held Rotex Global LLC, which makes dry material separation machines and replacement parts used in a range of industries.
Hillenbrand, based in Batesville, Ind., said it will use cash on hand and its revolving credit line to fund the deal, which is expected to close in late August.
Rotex, based in Cincinnati, is one of the businesses owned by Windjammer Capital Investors.
Hillenbrand plans to make Rotex the third line of business under its Process Equipment Group. That group also includes K-Tron, which focuses on feeding and pneumatic conveying equipment, and the Size Reduction Group, which makes size reduction and screening equipment and conveying systems.
Shares of Hillenbrand fell 36 cents, or 1.8 percent, to $19.99 in morning trading.