Former Hillenbrand Industries completes spinoff of funeral services business

By Lisa Kerner

Charlotte, N.C., April 1 - Hill-Rom Holdings, Inc., formerly Hillenbrand Industries, Inc., completed the spinoff of Hillenbrand, Inc., formerly Batesville Holdings, Inc., the parent of its funeral services business Batesville Casket Co.

Hill-Rom, based in Batesville, Ind., said it will focus exclusively on its medical technologies business.

Shares of Hill-Rom Holdings began trading on the New York Stock Exchange under the symbol "HRC," and Hillenbrand, Inc. began trading under the symbol "HI."

Shareholders of former Hillenbrand Industries received one share of Hillenbrand, Inc. stock for every share of Hillenbrand Industries stock held as of March 24, according to a company news release.

"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 Soderberg, president and chief executive officer of the new Hill-Rom Holdings, said in the release.

"The compelling value proposition of both companies should provide attractive returns to current and future shareholders," Soderberg added.

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