Hillenbrand, Inc. ( Batesville, Ind.; www.HillenbrandInc.com) and K-Tron International, Inc. (Pitman, N.J.; www.ktroninternational.com) have
signed a definitive merger agreement providing for Hillenbrand’s acquisition of K-Tron for $150 per share in cash. The boards of directors of both companies have unanimously approved the merger agreement. The closing of the merger is subject to customary terms and conditions, including shareholder approval and the expiration or termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act.
Following the completion of the transaction, expected to occur at the end of March 2010, K-Tron will operate as a wholly owned subsidiary of Hillenbrand. Kevin C. Bowen, who will be president of K-Tron’s Process Group, and Donald W. Melchiorre, who will be president of K-Tron’s Size Reduction Group, will continue to manage their respective businesses and report directly to Kenneth A. Camp, Hillenbrand’s president and chief executive officer. Lukas Guenthardt, senior vice president of K-Tron corporate development, will also report to Camp. Robert E. Wisniewski, chief financial officer of K-Tron, will report to Cynthia L. Lucchese, Hillenbrand’s chief financial officer. Edward B. Cloues II, K-Tron’s chairman and chief executive officer, will be appointed to the Hillenbrand board when the merger is completed. KTron’s headquarters will remain in Pitman, N.J.