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Hillenbrand has completed the acquisition of Schenck Process Food and Performance Materials (FPM) business from Schenck Process Group for approximately $730 million. Hillenbrand is a global industrial company that provides highly-engineered, mission-critical processing equipment and solutions to customers in more than 100 countries. FPM specialises in the design, manufacturing, and service of feeding, filtration, baking, depositing, milling and material handling equipment, and systems for the food, plastics, chemicals, and construction material industries. First announced in May, Hillenbrand expects FPM to generate revenue of approximately $540 million for the full calendar year of 2023, accompanied by an estimated EBITDA of around $68 million. Kim Ryan, president and CEO of Hillenbrand, said: “The completion of the FPM acquisition further strengthens our leadership position across attractive, growing end markets of food, durable plastics and chemicals. This acquisition represents another step forward in the execution of our strategy to grow as a pure-play industrial company." "By combining the applications and systems processing expertise of FPM with our Advanced Process Solutions segment and deploying the Hillenbrand Operating Model, we are well-positioned to offer greater value to our customers and drive scale efficiencies. I am confident this transaction further positions us to deliver profitable growth and compelling long-term shareholder value.”