BATESVILLE, Ind., and
STUTTGART, Germany, Dec. 3, 2012 /PRNewswire/ -- Hillenbrand,
Inc. (NYSE: HI) has completed its previously announced acquisition
of privately held Coperion Capital GmbH for a purchase price of
approximately €419 million ($545
million), which includes the assumption of approximately €87
million of net debt and an estimated €100 million of pension
liabilities.
Based in Stuttgart, Germany,
Coperion is a global leader in the manufacture of compounding,
extrusion and bulk material handling equipment used in a broad
range of industries, including plastics, chemical, food processing,
pharmaceutical and aluminum, as well as related replacement parts
and service. Coperion becomes the largest company in Hillenbrand's
Process Equipment Group.
"Completing the Coperion acquisition represents a significant
step forward that will further accelerate the growth of the
Hillenbrand Process Equipment Group," said Kenneth A. Camp, Hillenbrand's president and
chief executive officer. "Coperion is a highly respected brand with
an exceptionally talented leadership team. Their world-wide parts
and service network will enable our existing businesses to more
quickly enter new global markets, and our current U.S. footprint
will enable Coperion to grow more rapidly in North America."
Guidance
Hillenbrand expects 2013 global revenue to be approximately
$1.6 billion. Revenue from the
Process Equipment Group is expected to exceed $1 billion and Batesville is anticipated to deliver
approximately $600 million in
revenue. Given current foreign exchange rates, management expects
minimal translation impact to revenue compared to 2012. Now that
the Process Equipment Group represents over 60% of global revenue,
the fourth quarter of 2013, ending September
30th, is expected to be the largest from both a
revenue and earnings perspective.
Adjusted diluted EPS for 2013 is projected to range from
$1.82 to $1.92. Expected adjustments
include such items as inventory step-up, backlog amortization, and
other costs related to the Coperion acquisition and transition.
Accretion from the Coperion acquisition is expected to exceed
$0.20. This estimate also takes into
account changes to employee compensation and benefits, taxes and
other estimates that impacted adjusted diluted EPS favorably in
2012 by approximately $0.13, which
are not expected to recur in 2013.
"Adding Coperion to the existing family of Hillenbrand companies
will provide substantial first-year additions to earnings and cash
flow," said Mr. Camp. "But more significant is the continued
increase in shareholder value the growing Process Equipment Group
will generate in addition to the financial performance of the
Batesville platform."
About Hillenbrand
Hillenbrand (www.Hillenbrand.com) is a global diversified
industrial company that makes and sells premium
business-to-business products and services for a wide variety of
industries. We pursue profitable growth and meaningful dividends
for our shareholders by leveraging our leading brands, robust cash
generation capabilities and strong core competencies.
About Coperion
Coperion (www.coperion.com) is the international market and
technology leader in compounding systems, bulk materials handling
systems and services. Coperion designs, develops, manufactures and
maintains systems, machines and components for the plastics,
chemicals, pharmaceutical, food and minerals industries.
In addition to the financial measures prepared in accordance
with accounting principles generally accepted in the U.S. (GAAP),
this earnings release also contains non-GAAP financial measures.
These non-GAAP measures are not in accordance with, nor are they a
substitute for, GAAP measures. Hillenbrand uses this information
internally and believes it is helpful to investors because it
allows more meaningful period-to-period comparisons of our ongoing
operating results. The information can also be used to perform
trend analysis and to better identify operating trends that may
otherwise be masked or distorted by these types of items. Finally,
the company believes these non-GAAP measures provide a higher
degree of transparency to the company's core operations.
In providing 2013 adjusted diluted EPS guidance, there could be
differences between expected GAAP diluted EPS and adjusted diluted
EPS for matters including, but not limited to, inventory step-up,
backlog amortization, and other costs related to the Coperion
acquisition and transition. At this time, management is not able to
estimate with precision the aggregate impact of these items on GAAP
diluted EPS. Accordingly, a GAAP equivalent for adjusted diluted
EPS guidance has not been provided.
Forward-Looking Statements and Factors That May Affect Future
Results
Throughout this release, we make a number of "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. As the words imply, these are statements
about plans, objectives, beliefs, and expectations that might or
might not happen in the future, as contrasted with historical
information. 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.
Accordingly, in this release, we may say something like,
"We expect that future revenue associated with the Process
Equipment Group will be influenced by order backlog."
That is a forward-looking statement, as indicated by the word
"expect" and by the clear meaning of the sentence.
Other words that could indicate we are making forward-looking
statements
include:
intend
|
believe
|
plan
|
expect
|
may
|
goal
|
would
|
become
|
pursue
|
estimate
|
will
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forecast
|
continue
|
could
|
targeted
|
encourage
|
promise
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improve
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progress
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potential
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should
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This is not an exhaustive list. Our intent is to provide
examples of how readers might identify forward-looking
statements. The absence of any of these words, however, does
not mean that the statement is not forward- looking.
Here is the key point: Forward-looking statements are not
guarantees of future performance, and actual results could differ
materially from those set forth in forward-looking statements.
Any number of factors — many of which are beyond our control
— could cause our performance to differ significantly from what is
described in the forward-looking statements.
These factors include, but are not limited to: the outcome of
any legal proceedings that may be instituted against Hillenbrand,
Coperion or others following the acquisition; risks inherent in
broader exposure to foreign markets; risks that the transaction
disrupts current operations or poses potential difficulties in
employee retention or otherwise affects financial or operating
results; the inability to recognize the benefits of the
acquisition, including potential synergies and cost savings, or the
failure of the acquired company to achieve its plans and objectives
generally; and legislative, regulatory and economic developments.
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 discussions under the heading
"Risk Factors" in item 1A of Hillenbrand's Annual Report on Form
10-K for the year ended September 30,
2012, filed with the Securities and Exchange Commission
(SEC) November 26, 2012. Hillenbrand
assumes no obligation to update or revise any forward-looking
information as a result of new information or future events or
developments. HI-INC-F
SOURCE Hillenbrand, Inc.