Hillenbrand (HI) completed the sale of its majority interest in the Milacron injection molding and extrusion business to Bain Capital for $287 million.
Proceeds will be used to pay down debt, Hillenbrand said Monday in a statement.
"This transaction reflects the continued transformation of Hillenbrand's portfolio mix as a pure-play industrial company," Chief Executive Officer Kim Ryan said in the statement.
Bain now own 51% of Milacron, and Hillenbrand has 49%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.