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Milacron Holdings Corp., the most prominent name in U.S.-based plastics machinery, has agreed to be acquired by , a diversified industrial holding company based in Batesville, Ind. The two firms signed a definitive agreement in mid-July; the deal, valued at around $2 billion, is expected to close in the first quarter of 2020.

Founded in 1860, Milacron has around 5800 employees worldwide and $1.1 billion in annual revenues. It just sold off its Uniloy blow molding machinery ´óÏó´«Ã½ but retains injection molding and extrusion machinery, Mold-Masters brand melt-delivery products, DME tooling products, Servtek aftermarket ´óÏó´«Ã½, and fluid technologies for machining.

Hillenbrand was founded in 1906 and became a public company in 2008. It has around 6500 employees in over 40 countries and $1.8 billion in revenue. It owns six ´óÏó´«Ã½es, five of them in the Process Equipment Group, as well as Batesville, a provider of funeral products and services. In the Process Equipment Group, Milacron will join Coperion compounding equipment and K-Tron materials-handling auxiliaries; Rotex screeners; TerraSource crushers; and Flow Control products, consisting of Abel pumps and Red Valve Co.