Kenneth A. Camp - President and CEO Cynthia L.

Lucchese - SVP and CFO Joe A. Raver - President, Process Equipment Group Kimberly K.

Dennis - President, Batesville Services Chris Gordon - Director, Investor Relations

Daniel Moore - CJS Securities, Inc. Clint Fendley - Davenport & Company, LLC, Research Division Jamie Clement - Sidoti & Company, LLC.

Thank you, Ally, and good morning. Welcome to our earnings call for the fourth quarter of fiscal 2012, which ended on September 30th.

With me on today’s call are Hillenbrand President and Chief Executive Officer, Ken Camp; and Chief Financial Officer, Cindy Lucchese. During the course of today’s conference call and the question-and-answer session that follows, we may make projections or other forward-looking statements that are subject to the Safe Harbor Provisions of the Securities Laws regarding future events or the financial performance of the Company.

We caution you that these statements are only our view of the future and that actual results may differ materially. We also alert you to the risks described in the documents we file with the Securities and Exchange Commission, such as our annual and quarterly reports on Forms 10-K and 10-Q.

We do not undertake any obligations to update or correct any forward-looking statements. Now let me provide some information regarding our call.

We have scheduled one hour, and we’ll start with prepared remarks from Ken and Cindy that should last approximately 20 minutes. Ken will start with an overview of the business for the past quarter, Cindy will follow with financial results and Ken will wrap up the prepared portion of the call with some closing comments.

After that, we’ll move directly to Q&A, where we’ll be joined by Process Equipment Group President, Joe Raver; and Batesville President, Kim Dennis. If you have follow-up questions after the call has ended, please feel free to call me at 812-931-5001 or e-mail me at [email protected].

Now it’s my pleasure to turn the call over to Ken Camp, Hillenbrand’s President and Chief Executive Officer. Ken?

Thank you, Chris. Good morning, everyone and thank you for joining us today.

After the market closed yesterday, we released our earnings and filed the 10-K for the fourth quarter and full fiscal year of 2012. Both documents are currently available on our website.

We finished fiscal 2012 with a double-digit revenue growth compared to last year for both the quarter and full-year delivering $0.50 per share in adjusted earnings for the quarter and a $1.76 for the full-year. I’m pleased with how well the Hillenbrand team has implemented our acquisition strategy to diversify and provide attractive growth for our shareholders, generating revenue of more than $250 million for the quarter and nearly $1 billion for the full-year.

This represents a 10% increase over Q4 and 11% for the full-year. Consolidated adjusted gross profit margin was 40% in the quarter in line with Q4 of last year, and up from 39% last quarter.

The adjusted operating profit margin was 19%, an increase of 400 basis points over the last quarter and 100 basis points over the prior-year. I’d like to start my discussion of platform performance with the Process Equipment Group, which has generated very solid results for the quarter and the year.

Fourth quarter revenue in the Process Equipment Group grew 33% to $102 million. While much of this was due to the addition of Rotex, the Process Equipment Group still grew organically by 10% and they’re now contributing 40% of total enterprise revenue and 38% of our total adjusted EBITDA.

Like last year we again shipped several large orders in the fourth quarter and as a result we drew our backlog down by 14% sequentially to $121 million. That’s a level that shift slightly ahead of the Q4 2011 levels and this amount is consistent with – in Q4 of last year.

Our backlog continues to give us visibility into the future revenue and as we discussed in our last call, it has begun to show some signs of uncertainty in the global markets. With the elections finally over and virtually the same cast of characters returning to Washington, there is still uncertainty about when and how the United States will deal with the fiscal cliff, that’s set to take effect only a month from now.

Adding this challenge to our mounting national debt and similar situations in Europe, generate high levels of economic uncertainty around the globe. These levels of uncertainty are reflected in the results of many of the companies that you seen report in recent months and we have no reason to believe we would be immune from the same factors.

If you’ve listened to our earnings calls before, you heard us say that a core element of Hillenbrand’s growth through acquisition strategy is to acquire successful companies with great brands that can benefit from our core competencies of strategy management, lean business, and intentional talent development. When we acquired the Process Equipment Group companies, our goal was to accelerate their growth.

A big part of the plan for organic growth in these companies is to expand into new markets with both existing and some new products. We’ve leveraged our strategy management process to accelerate these growth initiatives and our expertise in lean to take advantage of some operational synergies between the operating companies.

This has allowed us deliver double-digit organic revenue growth in the platform. During the quarter, the gross margin remain strong at 43% in line with last year, while the EBITDA margin was 24% for the fourth quarter and 20% for the full-year.

In addition, the Process Equipment Group full-year adjusted OpEx ratio improved 190 basis points to 27.1%. In short we continue to be pleased with the progress of the Process Equipment Group.

The companies which comprise the Process Equipment Group, which are K-Tron, TerraSource Global and Rotex have all performed very well this year. And in fact, they’ve done so since our first acquisition in this space beginning in 2010.

These companies are exceeding many of our expectations and are building a strong track record of success. This makes us even more excited about our pending Coperion acquisition as it fits perfectly into our strategy for growth in the Process Equipment Group.

Now I’d like to make a few remarks about the Batesville business platform where North American deaths were down about 1% and burials were down 3% in the quarter compared to the prior-year. While this brings deaths closer to historical levels for the quarter, full-year burials remained down by double the normal rate.

Despite these headwinds, Batesville’s revenue was down only 2% to $152 million and they continue to hold their market leadership position. As burial volume was lower than last year for the quarter and represented the biggest impact on Batesville revenue, we estimate that the cremation rate increased by about 120 basis points during this period.

This is right in line with the long-term trend we’ve observed in past years and Batesville’s options cremation product line grew at more than three times the rate at which the market grew during Q4, while Batesville’s interactive and the vault businesses grew at double-digit rates as well. Because of the fixed nature of Batesville’s distribution system the reduced volume depressed gross margins in comparison to the prior-year and Batesville is taking action to bring these more in line with their historic levels.

The Batesville leadership team has undertaken a number of actions to right size their organization and further lean out their production and logistics capabilities. This has enabled them to improve their adjusted margins by 240 basis points sequentially from the third quarter.

Since we cannot predict the certainty of what the North American death rate will be, although we believe it cannot indefinitely remain at the low levels we experienced this past year and the one before that. We need to be as lean and flexible as possible as the funeral products industry continues to evolve.

Finally, nothing makes me happier than to know that this is the last time I will have to focus any of my comments on this. But as you recall, we received a favorable ruling on the class certification of the Funeral Consumers Alliance lawsuit during the quarter.

In fact, we received favorable rulings at every step of the way during this multiyear process. We were able to expeditiously end the litigation and preserve our long standing policy of selling our caskets through licensed funeral homes operated by licensed funeral directors.

The conclusion of the FCA action finally reduces the drag on the Company that the lawsuit brought in terms of legal matters. And management attention and the restrictive covenants and other agreements with our parent Company Hill Rom are now terminated.

Now I’ll turn the call over to our CFO, Cindy Lucchese. Cindy?

Thank you, Ken. At the top line, our fourth quarter revenue grew 10% to $254 million and a 11% on a constant currency basis.

The Process Equipment Group once again delivered strong results increasing 33% to a $102 million. And as Ken mentioned earlier, organic growth was also strong at 10% for the quarter.

Batesville revenue was $152 million or 2% lower than the prior-year, largely due to a 3% decline in North American burial. For the year, revenue increased by $100 million or 11% to $983 million just shy of the $1 billion mark.

Revenue growth was 12% on a constant currency basis. Process Equipment Group revenue grew by a $130 million with organic revenue growth of 13% and Batesville revenue declined by $31 million or 5% primarily due to a 4% decline in North American burial.

Now turning to margin, our gross profit margin for the fourth quarter was 39.5%. It was slightly higher on an adjusted basis at 39.8%, about 60 points lower than the prior-year.

As a reminder, the items we adjusted for include restructuring charges at both of the business platform as well as inventory step up charges related to our acquisition of Rotex. The Process Equipment Group’s adjusted gross margin was 42.7%, a 30 basis point improvement over the prior-year.

Batesville’s gross profit margin on an adjusted basis was 37.8%, a 170 point basis decline from the prior-year. Lower volume and average selling price, short-term transition costs and increased commodity and distribution costs were the key drivers in the decline.

For the full-year gross profit margin was 39.6% and on an adjusted basis 40% about 220 basis points less than the prior-year. We continued to employ lean principals throughout the organization and this is particularly evident in the Batesville organization where significant actions were taken throughout the year to make changes that will favorably impact profitability in the future.

Going forward we expect these actions to provide annual savings of about $5 million for Batesville and $2 million for the Process Equipment Group. Now turning to operating expenses, for the quarter, operating expense as a percentage of sales was 24.3% or 20.9% on an adjusted basis, and on an annual basis our operating expense ratio was 24.4% or 22.5% on an adjusted basis.

In the current year we realized about $5 million of savings related to changes in employee benefits and other estimates that we do not expect to take place again in the future. Other income and expense for the quarter was about $1.6 million lower than the prior-year and for the full-year it was about $12 million unfavorable as we expected really due to two key factors.

First, we had $6 million less interest income due to the full collection of the Forethought Note in April of 2011 and second we had $4 million less investment gains from our limited partnership investments. Our adjusted effective tax rate this quarter was 28.9% compared to 28.3% in the prior-year.

And for the full-year our adjusted effective tax rate was 30.5% compared to 32.9% in the prior-year. This improvement was primarily due to a true-up of actual versus accrued tax liability when we filed our return, the impact of discrete items and also the increase in the percentage of lower rate foreign source income.

And I’d like to point out although we benefited from a number of these discrete items the past several years, we don’t expect much benefit from them in our current fiscal year. Our tax rate in 2012 would have been about 33% without these items which is more reflective of what we expect going forward from our existing operation.

And as we like to say here at Hillenbrand, cash is king and our results in this area again were positive as we continue to deliver strong operating cash flow quarter after quarter. Year-to-date we delivered $138 million of operating cash flow and if you exclude the one-time cash receipt for the collection of the Forethought Note, our operating cash flow increased by $8 million or 6% over the prior-year.

Turning to bottom line results for the quarter, net income increased 6% to $25 million with earnings per share of 5% to $0.40. On an adjusted basis, net income increased 6% to $31 million and earnings per share increased 4% to $0.50.

Also adjusted EBITDA was $57 million, an increase of 8% compared to the prior-year. So for the full-year net income was down 1% over the prior-year with earnings per share down 2% and these decreases were largely due to the $12 million decline in other income and expense I discussed earlier.

On an adjusted basis, net income decreased 44% and EPS decreased 4% as well. Adjusted EBITDA was $207 million, a decrease of 1% compared to the prior-year.

Okay, now I’d like to turn to guidance. And as you know our tradition has been to provide guidance for the upcoming year during our fourth quarter earnings call.

However, given our pending acquisition of Coperion, which is expected to close in the near future, we’ve chosen to delay this discussion until the acquisition is finalized. At that time we plan to provide guidance for our fiscal year 2013, including not just existing Hillenbrand, but also Coperion.

And now I’ll turn the call back to Ken for his concluding remarks. Ken?

Thanks, Cindy. As many of you know Hillenbrand is a thoughtful prudent Company with a long-term view of the future.

We’re deeply committed to the proven acquisition strategy that’s been the key to our growth these past few years and we will always make the best decision for the long-term increase in shareholder value. We will continue to build Hillenbrand as a global industrial products company with an emphasis on customer and geographic diversification to balance risk and growth.

The Coperion acquisition is the latest step in this strategy and while evaluating acquisition candidate companies is a continual process, we have a lot to keep us busy right now as we focus on the Coperion integration process. Until the transaction is officially closed, we can’t say a lot other than that we’re diligently working on these integration plans, and we’ve assigned Diane Bohman, a very experienced Hillenbrand executive to lead the integration full-time over the next 18 months or so.

Some of you may remember Diane from her assignments as CFO of Batesville and later as the leader of the Company’s logistics organization. Diane and Joe Raver’s leadership team are using our skills in lean business to ensure the integration process as implemented as effectively as possible.

We will have much more to say about the Coperion acquisition and our integration plans after the transaction is completed. As Cindy mentioned we expect the acquisition to close very soon and we will host investor luncheons, in New York, Boston and Chicago shortly thereafter to share the next chapter of the Hillenbrand’s story with you.

We will also share our 2013 guidance with you via press release just after the close. Our goal continues to be that we will implement our strategy to result in revenue growth and profitability.

Our focus is on strong cash generation that strengthens our balance sheet and enables us to execute the strategy. We’re committed to being careful stewards of the Company and to providing meaningful value to our shareholders despite economic times like these when the global economy is both challenging and increasingly unpredictable.

For our Q&A session we’ll be joined today by Process Equipment Group President, Joe Raver and Batesville President, Kim Dennis. Now we’re ready to take your questions.

Ally, would you please open the lines.

Good morning and thanks for taking the questions.

Good morning.

Ken, coming off a very solid quarter where certainly very solid growth in Process Equipment, and it appears that trends in Batesville are getting somewhat back to normal, yet your comments are a bit more cautious than we’ve heard. Maybe a little bit more color about what you’re hearing from customers across the PE business.

Are you being across the businesses, are you being more conservative, or are customers really holding back until we get resolution, resolving fiscal cliff and some of these other issues?

That’s a good question and I – we probably are feeling a bit more conservative for a number of reasons; one is, we had a major milestone in the U.S. with the election.

The elector has spoken and no one – I don’t think anyone is saying that what the elector had to say is going to make life easier or more productive for our business, there is – we have to learn the new rules and everybody has to learn how to adapt to them. If the same level of uncertainty exists in Europe and people are even talking about Asia, China being down – the decline in their economy and I think they’re down from 1.12% to around 8% now.

I think all of us would take – 8% growth all of us would take us, but everybody is acting like the world is kind of coming to an end. I think that nations and businesses will plough through most of this in the upcoming years so, but when you look at some of the really big global players they too are being very cautious.

What that means to us is many of those big companies are our customers and when they show public signs of cautiousness we have to take the same approach. It’s not changing the strategy, it’s not changing the thing that Joe Raver’s team and the Process Equipment Group does, but it also – its prudent for us to take a cautious approach and hopefully as the year unfolds we’ll have better news and folks will have more confidence in their respective economies and we can get on to the business of business.

Okay, that’s helpful. And can you give us a sense; we talked about on the call following Coperion some of the revenue synergies involved, do you expect those opportunities to be immediate or will benefit the – were a little bit more gradual as the two companies integrate over time?

Well I am going to start at and then turn it over to Joe Raver because he’s closer to it, but we have a lot of sayings here, one of them is, we’re frequently pleased and rarely satisfied. So, results are never as immediate as I would like them to be.

But we’ve got the right people working on this and I’ll let Joe give you an indication of the top couple of priorities that he has to get the results as quickly as possible without them – without those results being ephemeral or temporary.

Thanks, Ken. Dan, I think there is – there’s a series of the synergies and they come at different times.

As Ken mentioned some of them are pretty fast and an example of that is specifying current Process Equipment Group products into Coperion systems. Now we’ll have to work through the backlog because this is a big projects business on the Coperion side, but once they start to work through the backlog we’ll start to be able to put K-Tron theaters into their systems and Rotex screeners into their systems.

And so that will be a relatively – because we have great products, those are great products and great brands that will be a relatively quick transition for us to make. I think the second part is to leverage their footprint to help us to grow globally particularly in places like India and Russia and Brazil.

That will take a little bit longer for us to get up and running. However that’s much faster than – and less expensively than we would ever be able to do it as on our own, and so that will be a real benefit to the business, but that’s more of a medium term type look.

And then if you go a little bit farther we have the opportunity to develop new products, integrated new products specifically for systems in end-markets that we are trying to go penetrate more deeply together as a single company. And so I think that will come a little bit farther out in time as we learn to work together to find customer requirements more clearly and then of course develop and integrate those products.

So, some things we’ll see pretty quickly. I think other things will come about in the next 12 to 24 months.

That’s helpful. I appreciate it.

I’ll jump back in queue.

Okay.

Thank you for taking my question. Good morning, guys.

Good morning.

Hi, Clint.

I just wondered on the – the performance was stronger than we had expected in the quarter from the Process Equipment Group and I wondered if you had any color on the impact from the completion of the large project that you had discussed in previous quarters, and I know you’ve also had some efficiency initiatives as well within the Process Equipment Group and I wondered if that was one of the things that was helping the performance in the quarter?

Yeah, Clint this is Joe again. You’re absolutely right.

So, in parts of our business we did have a couple of really large projects shipped near the end of the year, and we just drove revenue up and you could see the down – took it out of backlog, that’s sort of normal in this business in the fourth quarter for us, but that was part of the driver, and then again I think certainly the businesses in end-markets just had nice strong quarters in the fourth quarter and when we get that volume, gross margins are strong as well. So, overall we had a really nice quarter from a revenue and margin perspective in the group and you’re right that some of those larger projects that we talked about last quarter did ship in the fourth quarter.

And I guess this is – this is sort of the second year that we’ve seen this sort of I guess a rhythm from the Process Equipment Group as far as the building of the backlog, I mean, is this a typical pattern for that segment or was it just unique to the last couple of years or so?

Clint it varies from year-to-year. If you look back historically at these businesses prior to when we owned them, it’s not always this third calendar quarter or our fourth fiscal quarter where you see some big projects shipped.

It has happened in the last couple of years, but sometimes those quarters will move around and those big shipments will move around from quarter-to-quarter. So, it’s not one of those sort of natural cycles I think that you’d see for example in the Batesville business where there’s always – in the winter there are many more deaths for example.

It just happened to be the timing of the last couple of years that this was a quarter where we had some big projects shipped.

Okay, that’s helpful.

Clint, this is Ken, I’ll add a point there. There is a lot of mix going on in this, as customers have their construction project ready for big equipment, sometimes they will want it earlier.

The reverse happens as well. We saw the frac sand business which effects Rotex a bit overheated in 2012 and the business was just really going as lots of customers put orders for new equipments so they can be prepared to capitalize on fracking and horizontal drilling.

That began to slowdown also in the fourth quarter. It had in essence been pulled ahead by our customers in 2012.

So, we had some orders more out and we had some orders that we actually shipped a little bit early. So it’s a mix we’re still getting used to.

We’re looking to history to be a guide there, but it’s not a perfect science yet and probably is not going to be.

And Ken, I wondered if you could maybe obviously we heard your comments on the – kind of the [cautiousness] regarding the fiscal cliff and the broader uncertainty in the economy, I mean how much of the backlog decrease do you think might be related to that, I know you guys have been very clear that we expected the backlog to decrease here for the fourth quarter given the completion of the project, but how much do you think you’re actually seeing the uncertainty impact, the Process Equipment Group from where we stand today?

I think I’ll let Joe follow-on to this, but from our advantage point here, I think what we saw is more issues of timing as customers said look; we’re going to take this order that we placed with you and I know you – we told you that we wanted to that hypothetically in the second quarter, but we’re thinking now it’s going to be a little further in the year, so let’s add 90 days to that. It comes first in the form of timing, and we have not really received any abnormal or susceptive cancellations, it’s been primarily issues of when the customers think they’re going to be ready for it.

And our hypothesis is that many of them are trying to buy time and get the lay of the land themselves. Joe, do you have any thoughts on that?

I think that’s exactly right Ken, I mean, just given the uncertainty in the U.S. which has increased, we felt that more in the last quarter so than we had in the rest of the year.

Those projects just get pushed out in terms of people wanting to complete and spend money on those projects until they have a better lay of the land before they’ll commit capital for projects, and so that’s really what we’re feeling right now, ideally some of this gets resolved relatively quickly and North America gets back on track with the strong demand that we felt during the first half at least of 2012.

Okay, thank you guys. That’s helpful.

I wondered if we can switch to Batesville for one last question here. I understand you guys won't provide guidance until sometime in December, but I was hoping maybe you could just update us on how you’re thinking about your outlook here for next year for that segment and obviously we’re coming off the year where the volumes have just been at unprecedented low levels, I mean how will that affect as you think about the comparisons your outlook for 2013 for that segment?

Okay, hi it’s Kim. I think as we think about the revenue side of things, I think Ken already commented we are in the fourth quarter starting to see things come up a little bit more towards normal levels although obviously that didn’t kind of correct for the downside that we saw in both deaths and burials for the year.

We’re seeing cremations begin to stabilize at kind of near normal levels, starting to see deaths return closer to normal levels although we don’t, we haven’t seen a big bounce back as we had historically seen over the last 30 years when you had a big low period you’d have large high period following, we certainly haven’t seen that. So our tact has really been to focus on everything we can do to solidify our revenue with our current customer base continuing to grow our national accounts and the key accounts that we’ve been working on.

And in addition to that really focus on the cost containments efforts that we’ve had going on literally all year. I think you can see as we post our fourth quarter results that benefits of that really show through, basically every improvement dollar that we made on the margin lines flow through on the bottom line and we are also able to contribute as well, volume reductions in OpEx.

So, if the year does not have a bounce back I’d expect that we’ve taken a lot of the right actions and have plans to take a lot of the right actions continuing into 2013 around cost containments, and in the events that we get a burst of volume that will be a great win for us, but we’ll be prepared either way.

Right. Thank you, Kim.

Good morning.

Good morning, Jamie.

Good morning. I wonder Joe if I could ask you a follow-up question to one of Clint’s, I think you all referenced frac sand a little bit, but can you delve a little – into a little bit more detail in terms of the composition of your backlog today compared to where it was 12 months ago from an end-market perspective and you can maybe touch on geography as well as just industry as well?

Sure. While we don’t provide a lot of detail around our backlog, so I will tell you by business unit which is to a certain extent end-market, it’s really pretty similar to last year, in fact very close I mean, within a few percentage points each way for each of the businesses in terms of backlog from ending the fourth quarter this year to ending the fourth quarter last year.

By end-market I mean, as Ken mentioned the frac sand market was really very strong in 2011, 2012. Natural gas prices have remained quite low.

The stocks of natural gas are very high, and so there’s been a switch of rigs to oil from natural gas. We also had to see a little bit less on the energy side from a coal perspective where coal stocks are high because the natural gas is less expensive, there’s been a switch in energy consumption from coal to natural gas.

So, we see some ups and downs in the end-markets around energy. Other markets are much more stable, for example food and pharmaceutical, those are stable markets.

And then by end-markets as you know we’ve had a pretty strong 2012 in North America, but we continue to grow share around the rest of the world. So we see backlogs growing around the world as well.

So, there’s probably been a little bit of shift from our North American focused backlog a little bit more to the rest of the world backlog. But generally the backlog is very similar to what you saw last year at the same time.

I hope that helps.

Very much. Thank you all for your time.

Sure.

Thank you again. Recognizing you won’t be giving detailed guidance, just trying to put a little context around your caution.

If you look at the backlog it’s still up year-over-year, given K-Tron and Rotex specifically prior to layering in Coperion, do you still expect positive growth – positive revenue growth for those two PE businesses for 2013?

For the group we do, we expect positive revenue growth for the Process Equipment Group in 2013. Again there is – in the end-markets there is some ups and downs but overall we believe strongly that our strategies are good strategies and we can continue to demonstrate growth even in relatively difficult markets around the world.

That helps. I appreciate it.

Dan, its Ken. If I could add a point to that, you are hearing some caution from us because I think there’s been some uncertainty among a lot of people that can be our customers as they have made public statements about their businesses.

However as if you look just a little bit farther out, I would say the uncertainty is somewhat near term, not a quarter or two, but somewhat near term. And think for example about fracking and natural gas.

Fracking is about 10% of the portfolio there, and we think the long-term potential is very, very significant. In fact a lot of people smarter than we are think exactly the same thing.

As natural gas gets cheaper to extract and becomes a feedstock, I think you’ve heard me say this before, for polyolefin businesses. For the first time in a long time there are significant about a dozen and half polyolefin plants in one stage of growth or production or another.

So, these polyolefin plants some are just being specked out. There’s a lot of equipment to be sold in there and we think that, frankly I have used the term renaissance and I really believe it.

There’s a potential of renaissance going on in the natural gas business as a feedstock for polyolefin’s in America. It’s been oil in the Middle East heavily that’s been the feedstock.

If that reaches a tipping point and many people think it’s going to, that is a very, very significant thing not only for North America but certainly for our businesses as well. So, we’re very, very bullish on the long-term.

We’re just – we think there is – people are being a little cautious in the next quarter or two to see what kind of decisions the governments make and what the rules are going to be.

Understood. And lastly just turning to the balance sheet quickly; you’d expanded your borrowing capacity to $900 million obviously to complete the Coperion acquisition, but it still leaves you with another $300 million in additional capacity.

Do you see other significant large Coperion type size acquisitions in the pipeline in the short-term or is that simply giving you incremental liquidity to run the business?

Okay, Hey Dan, its Cindy. Let me just start out to explain why we did the $300 million accordion.

So with Coperion because they do a lot of larger system orders, they have a number of performance guarantees and letters of credit that they need in order to run their business. And so, for us to close we need to have a facility available to take that on and so that was really the impetus behind us doing the $300 million as opposed to us trying to come up with another $300 million to spend.

So that part – and Ken you may want to comment on the acquisition?

Yeah, we – our practice is we have to say something substantive when we have something substantive to actually announce and other than Coperion we don’t at this moment, but one never knows when they’re going to come. I think the signs you should look forward is Coperion is a very significant acquisition for us; it’s an important piece for the puzzle as you know and we are going to have our hands full integrating this effectively.

You will note in my remarks I said that we took one of our most experienced executives, put her in charge of leading this for – reporting to Joe this integration and its – we think an 18-month or sell assignment. So this is very substantive to get Coperion digested and we’re going to be prudent about this, we’re not going to just be out banging in very large acquisitions one right after the other.

But the pipeline keeps going. We’re also talking to people, we get lots of calls and we always like to have candidates in line for the future, but right now integration is number one on our list.

Very helpful. Look forward to seeing you at a conference in January.

We look forward to being there.

Once again thank you for joining us today. And we look forward to speaking with you again.

We will announce via press release our plans for Investor Lunch Meetings, in New York, Boston and Chicago after we close on the Coperion acquisition. During these meetings we will discuss Coperion’s financial impact on Process Equipment Group and Hillenbrand guidance for fiscal year 2013.

Have a good rest of the day everyone.