The stock youre looking for is called Batesville Casket Company, and it is a stock broker that sells shares of stock on a stock exchange. We help support the death care industry through long-term relationships with professional associations across the US and Canada. The news came on the same day Hillenbrand. One Batesville Boulevard Batesville, IN 47006 Investor Relations Hillenbrand, Inc. Sam Mynsberge T: 812-931-5036 investors@hillenbrand.com Transfer Agent Computershare Limited T: 877-745-9349 The ladies in the front office are very helpful. The Memorial Record system allows caskets to be sensitively identified after disaster. The transaction allows Hillenbrand and Batesville to maintain clear focus on their respective core industries, creating value for customers, shareholders, other stakeholders, and associates. Based on the above scenario, a 73%-27% split would lead above the minimum $850 million market cap needed for BATES to stay in the S&P SmallCap 600 Index and will also give a leverage of 2x, which is less than the combined Parents 2.3x. Gemini Monarch Blue Casket with Blue Crepe Interior- Metal Casket . Batesville 16 Gauge Batesville 18 Gauge Batesville Bronze & Copper Batesville Hardwood Oversized Eco Friendly Cremation Hero & Military Vault New Arrivals On Sale Uncategorized Color Batesville, Indiana 47006 Phone 1 812 934-7000 Industry Industrial Machinery Sector Industrial Goods Fiscal Year-end 01/0002 Revenue $2.94B Net Income $208.9M 2022 Sales Growth N/A Employees N/A. Increase in cremation is killing the casket business. How to Solve pii_email_4bd3f6cbbb12ef19daea Error. The deal is expected to close in the first quarter of 2023, provided it clears all regulatory hurdles. We deliver innovative products and solutions that make a difference in the lives of families and matter to the funeral industry. The firms investment professionals have a long track record of demonstrated success and collectively bring 50+ years of investing experience. Funeral homes often have high prices for the workmanship and quality of these brand name caskets. They pivoted back in like 2008 if you buy an Urn in Indiana it is likely from them as well, Do they still have medical division, they use to have 70% of the hospital bed market. With annual revenues of nearly $600 million, Batesville is the clear leader, providing a comprehensive portfolio of burial and cremation products, memorialization offerings, profit-enhancing merchandising systems, and leading-edge technology designed to help funeral directors succeed. Solid Bronze w/ Champagne Velvet Interior. In 1906, his son, John A. Hillenbrand, bought the struggling Batesville and resurrected it into a profit machine.. As a subsidiary of Hillenbrand, Batesville became a powerhouse. Subscriber Agreement & Terms of Use | There are currently no items in this Watchlist. Batesville is a city with a rich history, but like most of the places on this list, its a city that does a lot of the same things, from a very simple structure to a very complex structure. Aegean Bronze (203) - $5,300.00. Batesville ( www.Batesville.com ), a wholly owned subsidiary of Hillenbrand, Inc. (NYSE: HI ), is a recognized leader in the death care industry in North America, offering a comprehensive. The announcement of the deal with an affiliate of LongRange Capital provided no guidance on what impact the sale might have on Batesville Casket, its employees or its holdings in southeastern Indiana, the Indianapolis Business Journal reported. Pearl velvet interior. Throughout this release, we make a number of "forward-looking statements," including statements regarding the proposed sale of our Batesville business (the "Proposed Transaction") and the expected timing, costs and benefits thereof, that are within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and that are intended to be covered by the safe harbor provided under these sections. ET by Steve Gelsi Hillenbrand Sells Batesville Casket Business for $761.5 Million Dec. 15, 2022. A distinction is often made between coffin and casket: the latter . Baxter bought Hill-Rom in 2021. Batesville Casket was the only company Hillenbrand owns in Indiana and represented about 25% of their total revenue. There are currently no items in this Watchlist. In Stock. Finally on July 20, the company have announced a strategic review of their Batesville business. Batesville Casket Company is owned by Hillenbrand . Greenberg Traurig, LLP acted as legal counsel to LongRange Capital. With a stock market that has taken a bashing, companies need to think of their shareholders as the economy tightens its belt and further consider how they are going to offer value for the holders of their stock. In 2019, Hillenbrand officials told IBJ that Batesville Casket accounted for about one-quarter of the corporations sales and 40% of its cash flow. Changebridge Capital Sustainable Equity ETF, Changebridge Capital Long/Short Equity ETF, O'Shares FTSE Russell Small Cap Quality Dividend ETF, Service Corporation: Still Attractive Despite A Return To Normalcy, Nasdaq, S&P and Russell 2000 all shape 'bull' flags, Only trade when you can express your edge. A flexible dual overlay is introduced, marking a continued focus on innovation and personalization. What it will take to get a contrarian buy signal for gold, Bombay Sapphire ups the lemony flavor in this elegant, refreshing addition to its gin lineup, An orphan at 65: setting new priorities after the loss of your parents, U.S. prepares new rules on investment in China. Batesville Casket Company is looking for a Maintenance Associate (2nd shift) to join our team in Batesville, IN. For example, police and fire departments, as well as a lot of health care costs. Batesville is the largest casket manufacturer in the world. 7. STAMFORD, Conn., December 15, 2022--(BUSINESS WIRE)--LongRange Capital ("LongRange"), a private investment firm with a longer-term orientation to building and growing middle market businesses, announced that it has entered into a definitive agreement to acquire Batesville Casket Company ("Batesville"), a leading provider of quality death care products and services as well as innovative technology solutions. Team work is hard to come by so don't expect help. Fortune 500 (#860); Russell 3000. Revenue Break-Up: Last Fiscal Year End & 9MFY22. Batesville 15,765 followers 3mo Like the Dryden casket? The company announced the deal Thursday morning, a move that would result in the selling off of the business and brand that served as the roots for the larger Hillenbrand company in Batesville starting in 1884 and would grow to become the nations largest casket maker. (KBAL) since January 2014, which performed a Spin of its Electronic Manufacturing Services business called Kimball Electronics, Inc. (KE) on November 3, 2014. 1940 The Memorial Record system allows caskets to be sensitively identified after disaster. Batesville (BATES) derives 89% of its business from the sale of caskets, whereas its peers have a mixture of casket sales and funeral services, and we believe the services business is helping. 2022-23 Looking for Talent? 209.55 cm L X 72.39 cm W X 58.42 cm H 8. Batesville Casket Company website. As part of an increasing focus on personalization, LifeSymbols corners are introduced. Manufacturing/Operations 1 day ago New Paralegal Batesville, Indiana, USA All quotes are in local exchange time. In fact, close to 55% of all funerals in the US currently are cremations. This would lead to a market cap of around $1.6 billion for BATES and a $1.7 billion Market Cap for the RemainCo (with a favorable leverage of 1.4x). Here is the key point: Forward-looking statements are not guarantees of future performance or events, and actual results or events could differ materially from those set forth in any forward-looking statements. In essence, Batesville saw their margins drop to about 24.9% of sales " primarily due to inflation, including higher transportation premiums, and the impact of lower volume, which more than offset the impact of higher average selling . Intraday Data provided by FACTSET and subject to terms of use. If we assume management decides to assign enough debt on BATES that the leverage trades in-line with peers (around 3.7x), this requires a debt distribution in the ratio of 51%-49% for Advanced Process Solutions & Molding Tech Solutions and BATES, respectively. Privacy Notice | Batesville Casket Company, Inc. manufactures metal and hardwood burial caskets. The company owns its current headquarters building, filings state. Have Watchlists? Jan 31, 2023. Hillenbrand upgraded to buy from neutral at Sidoti & Co. Hillenbrand downgraded to neutral from buy at Sidoti & Co. Hillenbrand Inc. stock rises Friday, still underperforms market, Hillenbrand Inc. stock outperforms competitors on strong trading day, Hillenbrand Inc. stock outperforms market on strong trading day, Hillenbrand Inc. stock rises Tuesday, outperforms market, Hillenbrand sells casket business Batesville to LongRange Capital, Hillenbrand Sells Batesville Casket Business for $761.5 Million, Coronavirus Is Slamming Funeral-Services Stocks Too, Hillenbrand downgraded to 'junk' territory at Fitch, Weighing Hillenbrands Deal to Acquire Milacron, S&P 500, Dow, Nasdaq close at record levels again as bulls bank on Fed rate cut, Milacron's stock soars after Hillenbrand buyout deal valued at $2 billion, McDonald's and the Olympics end partnership, Hillenbrand's Return On Capital Employed Overview, 3 Industrial Stocks You'll Wish You Bought Sooner, 3 Manufacturing Stocks You Should Be Focused on in 2023. Cremation. For more than 115 years, Batesville has crafted products that make funerals truly meaningful - helping families honor the lives of those they love . Here at The Edge, we to seek out untapped shareholder value as well as underperforming companies for Activist investors. Its a broker that sells shares of stock on a stock exchange. (AP) Hillenbrand Inc. said Thursday that it has reached an agreement to sell its Batesville Casket Co. subsidiary the largest producer of caskets in the U.S. to an. And finally, with someone new at the helm who has seen first-hand what kind of value a Spinoff can create, there is a greater opportunity for a Spin today. The business it has that sticks out like a sore thumb and that doesn't fit with the rest of the company is its Batesville business, which is involved in the manufacturing and sale of funeral service products, including burial and cremation caskets, cremation containers and urns, other personalization and memorialization products and technology applications for funeral homes. However, over the last two years, the management have used the stable and predictable cashflow that Batesville (BATES) generates to bring that debt down significantly to about 1.5x as of Q1 2022. BATESVILLE, Ind. A coffin is a funerary box used for viewing or keeping a corpse, either for burial or cremation. HI Intraday data delayed at least 15 minutes or per exchange requirements. It is a broker that is regulated by the Securities and Exchange Commission. They will likely not be stewards of the city as the Hillenbrand company has admirably been for decades. Sorry, we have detected unusual traffic from your network. Continuing to innovate in casket design, the company introduces the original gasketed casket and first safety-sealed hardware. "We are greatly appreciative of Batesvilles long and successful operating history as part of Hillenbrand and we look forward to working closely to execute a seamless transition. Turn on desktop notifications for breaking stories about interest? Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Create a list of the investments you want to track. We tend to put it out of our minds, but as with taxes, death is an absolute certainty, as Mr. Benjamin Franklin so succinctly put it. Net proceeds from the sale are expected to be used for debt reduction, Hillenbrand said in a news release. Join us for an evening of networking designed especially for real estate professionals. Both firms made the announcement Thursday morning and noted the total enterprise value of the acquisition is $12.4 billion, which includes debt assumption. Cookie Notice (). Ms. Ryan has been on the board of a company that previously performed a Spinoff. Our one-year Base case target price is $67.36 for HI, implying a potential upside of +45% from the current share price of $46.57. So many people dont want a casket anymore. For a more in-depth discussion of these and other factors that could cause actual results to differ from those contained in forward-looking statements, see the discussion under the heading "Risk Factors" in Part I, Item 1A of Hillenbrand's Form 10-K for the year ended September 30, 2022, filed with the Securities and Exchange Commission ("SEC") on November 16, 2022. Log in to see them here or sign up to get started. It had sales of about $50 million a year and was growing between 7 and 10 percent a year, according to Indiana Business. Beginning in its fiscal 2023 first quarter, Hillenbrand expects to classify the Batesville business as "held for sale" and anticipates it will report results of the Batesville business as discontinued operations for the current and historical periods in Hillenbrand's consolidated financial statements. If the management wanted to shift debt in such a proportion to allow Batesville to remain a part of the SmallCap Index, it would have required a 42% distribution of debt, which would have led to a higher leverage of 6.2x for Batesville, making it even less appealing for investors as a standalone company, Market Cap Scenario of Split Based on February 2022 Estimated Revenue Contribution. You'll love the new Dryden Brown featuring a beautiful, warm satin finish that highlights the woodgrain. The author owns shares of Hillenbrand Inc. Evercore acted as a financial advisor for Hillenbrand for this transaction, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel. The following is all from our March 31, 2022, report with some recent updates and is available on request. Hillenbrand said it agreed to sell Batesville Casket to a LongRange Capital affiliate so it can focus on its strategic move toward long-term growth in attractive markets such as plastics, food and recycling. . BATESVILLE, Ind. Therefore, the SpinCo (suggested ticker BATES) is in a much better state to be listed today, creating a pure-play, high free cashflow generating business. The absence of any of these words, however, does not mean that the statement is not forward-looking. . Batesville Casket traces its roots to 1884, when it was founded as the Batesville Coffin Co. John A Hillenbrand purchased the company in 1906 and renamed it the Batesville Casket Co. There are also a lot of poor people living there. Aurora had 600 employees, up from 400 a decade earlier. Our history of manufacturing excellence, product innovation, superior customer service, and reliable distribution spans more than a century. Joe A. Raver retired at the end of 2021. Feb 27, 2023 (The Expresswire) -- Report Insights: The Global Cremation Caskets market is valued at USD million in 2020 is expected to reach USD million by the end of 2026, growing at a CAGR . Batesville Casket Co. is a leading provider of death care products and services. Net proceeds from the sale are expected to be used for debt reduction. All of us at . However, when asked about the long-term shift towards cremation (as peers have been), this topic is never fully explored, and the management highlighted a slight decrease in the revenues was due to an increase in families opting for cremation. Founded in 1884, Batesville has a long track record of creating and delivering quality funeral products and solutions. These factors include, but are not limited to: global market and economic conditions, including those related to the financial markets; the impact of contagious diseases such as the COVID-19 pandemic and the escalation thereof due to variant strains of the virus and the societal, governmental, and individual responses thereto, including supply chain disruption, loss of contracts and/or customers, erosion of some customers' credit quality, downgrades of the Company's credit quality, closure or temporary interruption of the Company's or its suppliers' manufacturing facilities, travel, shipping and logistical disruptions, domestic and international general economic conditions, such as inflation, exchange rates and interest rates, loss of human capital or personnel, and general economic calamities; risks related to the Russian Federation's invasion of Ukraine (referred to herein as the "Ukraine War") and resulting geopolitical instability and uncertainty, which could have a negative impact on our ability to sell to, ship products to, collect payments from, and support customers in certain regions, in addition to the potential effect of supply chain disruptions that could adversely affect profitability; the risk of business disruptions associated with information technology, cyber-attacks, or catastrophic losses affecting infrastructure; negative effects of the Linxis Group SAS ("Linxis") acquisition or other acquisitions on the Company's business, financial condition, results of operations and financial performance (including the ability of the Company to maintain relationships with its customers, suppliers and others with whom it does business); the possibility that the anticipated benefits from the Linxis acquisition and other acquisitions cannot be realized by the Company in full or at all or may take longer to realize than expected; risks that the integrations of Linxis or other acquired businesses disrupt current operations or pose potential difficulties in employee retention or otherwise affects financial or operating results; any failure to obtain, or delays in obtaining, required regulatory approvals or clearances for the Proposed Transaction; any failure by the parties to satisfy any of the other conditions to the Proposed Transaction; the possibility that the Proposed Transaction is ultimately not consummated; potential adverse effects of the announcement or results of the Proposed Transaction on the market price of the Company's common stock or on the ability of the Company to develop and maintain relationships with its personnel and customers, suppliers and others with whom it does business or otherwise on the Company's business, financial condition, results of operations and financial performance; risks related to diversion of management's attention from our ongoing business operations due to the Proposed Transaction; the impact of the Proposed Transaction on the ability of the Company to retain and hire key personnel; increasing competition for highly skilled and talented workers as well as labor shortages; our level of international sales and operations; the impact of incurring significant amounts of indebtedness and any inability of the Company to respond to changes in its business or make future desirable acquisitions; the ability of the Company to comply with financial or other covenants in debt agreements; cyclical demand for industrial capital goods; the ability to recognize the benefits of any acquisition or disposition, including potential synergies and cost savings or the failure of the Company or any acquired company to achieve its plans and objectives generally; impairment charges to goodwill and other identifiable intangible assets; competition in the industries in which we operate, including on price; impacts of decreases in demand or changes in technological advances, laws, or regulation on the revenues that we derive from the plastics industry; our reliance upon employees, agents, and business partners to comply with laws in many countries and jurisdictions; increased costs, poor quality, or unavailability of raw materials or certain outsourced services and supply chain disruptions; continued fluctuations in mortality rates and increased cremations; the dependence of our business units on relationships with several large customers and providers; competition faced by our Batesville business from non-traditional sources; the impact to the Company's effective tax rate of changes in the mix of earnings or tax laws and certain other tax-related matters; exposure to tax uncertainties and audits; involvement in claims, lawsuits and governmental proceedings related to operations; uncertainty in the United States political and regulatory environment or global trade policy; adverse foreign currency fluctuations; labor disruptions; and the effect of certain provisions of the Company's governing documents and Indiana law that could decrease the trading price of the Company's common stock. Will fit into a standard outer burial container. It has been known as the Batesville Casket Company ever since. The city has a very large bureaucracy, and it has a very large amount of money. This Indiana based company is listed on the NYSE and has a market capitalization of just over $3 billion. Intraday Data provided by FACTSET and subject to terms of use. Furthermore, the split would have led to Batesville leaving the S&P SmallCap 600 in March 2020 as the criteria for inclusion required a minimum market cap of $600 million to remain in the SmallCap Index. If HI plans to split the company based on the revenue contribution in todays terms (as of February 2022), even though the leverage seems more appreciable than in March 2020, the market cap would still lead to Batesville being kicked out of S&P SmallCap 600 Index, as the most recently updated criteria requires the minimum market cap to be around $850 million, which is higher than our scenario putting Batesvilles market cap at around $619 million. If our assumptions prove inaccurate or unknown risks and uncertainties materialize, actual results could vary materially from Hillenbrand's expectations and projections. Explore one of our most. Listed on 2023-03-01. 2023 SwingTradeBot. The diversified industrial company posted a loss for the quarter ended Sept Hillenbrand Inc.'s credit rating was cut Monday into "junk" territory at Fitch Ratings, citing expectations that the pace of the company's deleveraging following the will slow because of the coronavirus-related economic Shares of Milacron Holdings Corp. soared 21% toward a 9-month high in premarket trading Friday, after the plastic technology and processing company agreed to be acquired by Hillenbrand Inc. in a cash and stock deal value McDonald's Corp. and the International Olympic Committee have ended their partnership, the IOC announced in a release on Friday. Guided by our Purpose Shape What Matters For Tomorrow we pursue excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders. A separation in March 2020, based on the revenue distribution, would have resulted in a higher leverage for Batesville (BATES) on a standalone basis (4.3x). Forward-looking statements are based on assumptions that we believe are reasonable, but by their very nature are subject to a wide range of risks. At a leverage of 2.3x (Scenario 3) or 1.4x (Scenario 2), the leverage is way lower than the peer average of 3.7x (CSV: 5.4x, MATW: 3.8x and SCI: 3.6x). We make the industrial equipment that molds possibilities for our future and delivers what's essential to sustain our tomorrow. Hillenbrand had announced on July 20, 2022, that its board was starting to look for "strategic alternatives" for the Batesville business, which started in 1884 as the Batesville Coffin Company before it was purchased by John A. Hillenbrand in 1906. Despite strong profitability, growth was flat as cremation. This browser is no longer supported at MarketWatch. Credit Suisse served as lead financial advisor to LongRange Capital and TD Securities also served as financial advisor. Our Batesville Caskets . Something went wrong while loading Watchlist. 1954 Thats also why I didnt want to give my opinion on it. Now, using the stable and predictable cashflow from BATES, the debt has been brought down to about 1.5x as of Q1 2022. View Products For Families Find grief support and guidance on planning a funeral. In Stock. Total Insider Purchases and Sales Reported to the SEC. Agree with Rich M., hope Im wrong but this was not a good day for the city of Batesville. The Advanced Process Solutions segment provides compounding, extrusion, and material handling, screening, and separating equipment, systems, and services for manufacturing and other industrial processes. Hillenbrand said in a press release Thursday that the sale of the casket company coupled with its acquisitions of LINXIS Group, Herbold Meckesheim, Peerless Food Equipment, and Gabler Engineering will mark a significant milestone in the companys transformation, establishing Hillenbrand as a global industrial leader in highly engineered processing solutions and plastics molding. For more than a century, Batesville has supported licensed funeral professionals in helping families honor the lives of those they love. A history of manufacturing excellence, product innovation, superior customer service and reliable delivery helped Batesville become and remain an industry leader. The Lord's Prayer Casket by Prime To verify availability and to confirm Shipping Delivery time and date, please contact Prime Caskets at 800-294-8548 before placing your order. With industry-leading brands in its Advanced Process Solutions (APS) and Molding Technology Solutions (MTS) segments, Hillenbrand is well-positioned to accelerate long-term growth in attractive end markets including plastics, food, and recycling, all of which are expected to benefit from secular macroeconomic growth trends. Batesville plus size Stainless Steel Oversize Casket w/ Silver Velvet Interior. Add To Cart. Full Time position. CASKET PRICE LIST These prices are effective as of December 12, 2016, but are subject to change without notice. In this episode, we hear how she became a sponge for product design, figured out how to make accessible yet high-end jewelry, and how she even relocated to China for the better part of a year to personally see to her brand's manufacturing. The Batesville segment is involved in the death care industry. At CasketSite.com we offer Batesville Caskets direct to you, at our guaranteed wholesale prices. Batesville is a recognized leader in excellence, innovation and service in the death care industry. Based on internal estimates, Batesville is the market. 24/7 coverage of breaking news and live events. Today, Batesville is a leading provider of quality products and business solutions in the death care industry, offering the widest selection of burial and cremation products, memorial keepsakes and business and technology solutions that meet the changing needs of families and licensed funeral professionals across North America. In that report, that you can read here, they reported that the Batesville segment produced revenue of $623 million for the year. LongRange's acquisition of Batesville, from Hillenbrand, Inc. (NYSE: HI), a global industrial company, is expected to close in the first quarter of 2023, subject to regulatory approval and other .
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