Hillenbrand Industries sets date for share distribution in spinoff of funeral business

By Lisa Kerner

Charlotte, N.C., March 17 - Hillenbrand Industries, Inc. said its board of directors approved the tax-free spinoff of Batesville Holdings, Inc., which will become the holding company for the Batesville Casket funeral service business.

March 24 is the record date for the distribution of Batesville Holding shares to Hillenbrand Industries stockholders, with share distribution set for March 31, a company news release stated.

Hillenbrand Industries shareholders approved the company's name change to Hill-Rom Holdings, Inc. once the separation is complete.

Hill-Rom will trade on the New York Stock Exchange under the symbol "HRC."

Batesville Holdings will change its name to Hillenbrand, Inc. and trade on the NYSE under the symbol "HI."

Hillenbrand Industries shareholders will receive one share of the new Hillenbrand common stock for each share of Hillenbrand Industries stock.

"Our board and our management believe that separation of the two companies is the best way to unlock value and allow each company to focus on accelerating growth in their respective industries," Peter H. Soderberg, president and chief executive officer of Hillenbrand Industries and Hill-Rom, said in the release.

In January it was reported that the statement of financial accounting standards no. 5, accounting for contingencies, is an acceptable post-separation accounting treatment for a judgment sharing agreement in regards to antitrust litigation pending against Hillenbrand Industries, its Batesville Casket subsidiary and three unrelated national funeral home businesses.

Both Hillenbrand Industries and Batesville Casket said in a prior news release that they don't believe they have committed any wrongdoing as the lawsuits allege.

Hillenbrand Industries is a Batesville, Ind.-based provider of medical technologies and funeral service products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.