BATESVILLE, IND. — Hillenbrand Inc. has completed the acquisition of Schenck Process Food and Performance Materials (FPM) from Schenck Process Group, a portfolio company of Blackstone, for an enterprise value of about $730 million.

FPM has more than 1,300 employees and has customers in more than 150 countries. The company, headquartered in Kansas City, Mo., specializes in the design, manufacturing and service of feeding, filtration, baking and material handling technologies and systems. Hillenbrand expects FPM to generate full calendar year 2023 revenue of $540 million, and $68 million of EBITDA.

“The completion of the FPM acquisition further strengthens our leadership position across attractive, growing end markets of food, durable plastics and chemicals,” said Kim Ryan, president and chief executive officer of Hillenbrand. “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 (APS) 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.”

FPM joins Hillenbrand’s APS segment focused on industrial processing solutions and aftermarket parts and service for a variety of end markets and applications including durable plastics, recycling and processed food.