this you, our and for are with facing you COVID-XX Rich, us lifetime. Clearly, unprecedented joining in thank challenges morning. the we're all Thank
outbreak, and grateful first the thoughts have the healthcare virus, with we're by responders clear. been Since the been working the the priorities to who affected stop countless of and have for spread. Our our the those volunteers workers, directly beginning
foremost and and health the of their families. and First protect our is employees to well-being
to companies directly meet front many essential environment the emerge to customers, our the lines, operate to is navigate are linked help businesses only And fighting continue the challenging actions needs to to supplying this and of take businesses third our is Second of to even stronger. but not which virus.
model team and our the bottom the integrating Hillenbrand initiatives previously, we three As through and very leveraging remains well this improved drive against discussed manage dynamic debt. our and financial core to businesses operating to we've top line the combination; challenging running benefits one, and achieving strategic are; to near-term executing cash of pay and down generating two, Milacron environment, three, performance; committed full which and
response early planning began in and We actions crisis. COVID-XX to the taking
and As impact in to safety were February, and we of customers already global you operations working our any may minimizing to chain. risk the on our remember, our ensure our early employees, last of mitigate disruptions earnings supply significant to the call
governance force company, task and of Board a implemented across enterprise the reviews comprised COVID-XX a of levels. established business from have operating and structure at also We a leaders Director cadence of the frequent with
screening need from instituted and a workspaces. employees and site, enhanced actions are facilities, decisive home. to to employee new protect of health protocols and provide procedures taken distancing on our additional environment. protective safety We've equipment, working for we've or our be And major for and physical including staff safe working enhanced protections, office PPE, who sanitizing personal Most those
being of the the of to government recommendations. worked and employees. with team safety line tirelessly I'm proud and ensure We extraordinary efforts monitor continue our have health to update our well and of in who all procedures of policy
with partnerships essential all safety, Many strong built a including and of industries, the our in food play that health we've our years, infrastructure critical of we agriculture, role the businesses. customers manufacture death care. and products across Over and
in We and through managing pandemic. direct taking needs critical used our we've business of to chain. medical end, testing with to in front supply that needs support support the global production response this operations work customers expedited equipment equipment lines. including steps the serving the to the continue their closely To PPE to closely to and on of workers healthcare others We're products, continuity and be our
sites open Our and or are production near to are capacity. at currently operate able significant
current before world As sites you'll to to We're very date. we we've the support moved to pandemic. the risk conditions, recall, not changing that our the production we disruptions were already In supply to rapidly activities address the chain manage potential although and close work COVID-XX excellence any various the level. to environment, major we proactively working highest contact suppliers on global ensure around can as our at with in have experienced customers we mitigate
actions good crisis position terms manufacturing the and supply team's a to unfolded. network, past the in very and we're in has year believe We early as chain over of our thanks operations efforts
the to term taken our managing we've flexibility the the actions in of preserve proactively financial increasing goal improve. Finally, crisis and later a to with in on and steps Kristina structure cost opportunities take through detail and our successfully advantage will near across manage cost positioning Hillenbrand cover as our to twofold capitalize demand the organization call. in more conditions of economic new
beyond vision through Batesville than growth executed challenges. journey we've to on global been including dispositions. the focused portfolio transform as We've organic this a on For as on with well world-class R&D a which industrial company investment in into Hillenbrand original secular revenue our business, longer-term diversified means, and inorganic and decade, acquisitions a diversifying focus has more a and streams
strategy, As that revenue cash we markets and niche has executed technologies focus characteristics. recurring companies compelling been with core our growing on acquiring have in flow our
by the continuous operating Hillenbrand enabled all Of course, improvement, a actions focus been our relentless of underpinning has model. on
businesses. insights let operating of some now me our more So provide dynamic into the
me ourselves again, territory team this senior economic At say and let leadership challenging we're the also section, flexing no familiar our recessions. outset is muscle. to that in stranger that We navigating and conditions of find
into Let to me our the of useful in think I our different drill environment, current businesses given a businesses buckets. And bit. three think down it's
where our have business bucket and is businesses. and little this long, medium our more first This equipment a we last systems, of was of the short-cycle The business in than were XX% quarter. total revenue part
of economic sensitive Batesville over parts cycles. is a is in of which business, third ours X/X the bucket second has of a bucket years aftermarket the XX% And our quarter. The for makes over been up the little focus and business. Batesville accounts This few last total service. and to revenues is less about the
on Let little spend and me time a starting systems. with equipment each,
large of First polyolefin is systems. our business long-cycle
you system. the quarters of to the final this most we or to longest As business it have. cycle product Once six we receive an deliver know, is takes four typically order,
We continue of a receive not to that yet fiscal there's been awarded. quarter, have to the a second orders strong which in pipeline contributed And projects record also backlog.
period, cancellations expect our These see or that key of capital due our cancellations. part typically experience have working execution much because XXXX larger business we the don't significant did the any as delays. installed large project, good toward a achieved. payments systems not And end this Even in of XXXX, characteristics are to large are are project milestones systems progress made
downturns we've as systems. more demand. we variable to years, structure, strong the in past develop hard we a these worked capacity potential such, not expand react experienced cost also to so to any several demand quickly only that our And Over more for but can
able long to the part our Given our cycle are of costs effectively we'll plan and manage we nature going business, forward. that this be of confident
how We have closely continue to been companies. reductions so which primarily customers, capital companies systems we business performing. this good is not to feel All by petrochemical by But in these in upstream announcements the expenditure our monitor are far, our all, exposed. made large investments, about
are we mid-cycle to future. extrusion products equipment the among for crushers feeders, an products, typically equipment, quarters product capital lines. valves. and Group's from including products. the compounding midcycle included the Once three the and our balance injection Milacron of molding this it's are of anywhere pumps delivered order capital the one machines, Also and systems systems, separation in receive Equipment In in one category equipment is Next and Process our and
a have driven minerals and pharmaceuticals, let's the process by industrial in had and equipment in the These year, first, bright with markets and equipment. processed down general spots, few Overall, for technical globally. of particularly a for the demand was been start end as of globally, food serve demand plastics variety low screening including products So mining. in plastics, proppants recycling, There strength engineered expected. half Asia food first weakness, including we with
India, products. America economies been part significantly Orders slowed molders, cyclical as in within molding two injection for the Milacron hit automotive, both in lines and with The consumer presence have sold and durables These perhaps America custom most by lockdowns. North products and North our hard geographic and with have largest mostly these markets products a the are product segment mandatory COVID-XX India, and strong the business. extrusion are of medical
to manufacturing lines, at continuity. of We have some diligently ensure are teams India customer chain a do the That presence end product the deliveries working quarter. and our in said, to we experienced these delays supply for
business. experience part if an it in were could India, negatively this extended affect to However, shutdown we our further of
product lines about in orders injection a was during Milacron declined point, the second that quarter, for revenue Notably, peak-to-trough extrusion we momentum saw reference increase the March. downturn. XX% a in in XXXX and the sharply molding sequential And as late but down
of today a with cost out that structure. set in However, efficient to business also more I point It markets serves less end more diversified a want concentration the has automotive.
was in were that XXXX, Furthermore, we U.S. to detail and cycle part Kristina the are of XXXX down We've which already already product to we for related reduce well peak-to-trough the lines, business. so half the in soft in significant the sales will costs call. cover capital actions the into this later more believe automotive taken these pre first and market equipment COVID-XX, of
includes Milacron process part consumer from delivery, including typically less variety end equipment electronics, order one bases that automotive, are two and and and quickly capital markets, packaging. are to segment. products These goods, globe to sold months into of the control runners, across systems hot in a move mold or and short-cycle our the medical Finally, of
persistently pandemic. volume. and and capital first the in half cycles due been the XXXX the slow driven XXXX. These by Demand across deferral and for new weak hold, further have leading all product equipment this has to introductions product of in been projects. Orders exacerbated which declined down put new of were automotive to by Many lines have on customers demand, life regions is spending
Although the back about at quickly. then that time perfect XXXX, revenues not a downturn, snapped XXXX comparison, and looking at declined when XX%
and automotive end in we believe in Like already markets from on to the injection other peak lines these way part molding, softness of already this for product were facing the we are so business. trough orders
bucket systems, covers two being quickly. other and move that now first the and I'll to So equipment the buckets capital more
So business. the second parts and our service is bucket aftermarket
in rates remain part order X% The of second stable. business this grew and organically the part the quarter, year-over-year
aftermarket business Importantly, margins. the of our provides some best
part outset a this business quickly of come to declines activity at back the it of While as our production downturn, tends rebounds.
business. is Finally, Batesville the our bucket third
Historically, late continued that this sensitive starting trend been March. generated burial the economic and of metropolitan certain that higher in been experienced has to harder reliable have business has hit Batesville virus. April flow. a demand by predictable areas cycles less for pockets in It's cash through and caskets
geographic to continue term, as may cremation certain to the which demand. serve markets rates Although see an also increased elevated we've casket in mortality in seen offset we near
near-term X% secular normal return macroeconomic from slow to and resume decline will environment. expect the consistent demand its with and tailed, impact about associated little with to the with burial we pandemic, beyond mortality X% year, per Looking quickly of the long history
businesses I on let to is dynamics Milacron additional the color integration. revenue With that, hope the me turn our that of this helpful.
track integration a office challenges integration plan by COVID-XX, all and have integration well, targeted Despite achieve dedicated unexpected We to integration associated robust the proceeding key is work is on plan. a team, are synergies. our with the led and streams executing management our that against
centralizing changes number Following finance, enterprisewide IT, quickly moving These organizational of close, to across value and initiatives procurement. with associated business. include the with the forward executed support public the functional a costs, capture changes made HR, and integration to legal our redundant company We've functions, including structure work we we're many reducing streams.
has has From brought been a immediate and we've Officer. welcome made to the Chief talent This addition a an impact. recently on perspective, Procurement team a
within As the million mentioned to are I positioned million year we synergies targeted realize current earlier, one year. well our $XX fiscal of to cost $XX
ability our drive cost and rate over million to three incremental in achieve remain target within synergies term. revenue we run Additionally, confident to of highly our the long of years $XX synergies
the model, integration continue integration to the which underpinned All we value is after Hillenbrand well by are activities drive will of our believe operating long-term complete.
the topic our very approximately at be achieve end the critical $XXX of pleased the March sale Lastly, able on milestones, to to of million. we're one integration, at valued CIMCOOL of of
Before has to the Kristina, created underscore remain over want advancing pandemic that our pass COVID-XX call long-term we I while committed the I to strategy. near-term challenges, to
provide a me our let So update strategy. brief on
positions chain. two us technology M&A The first in acquisition food plastics niche and and portfolio a platforms, both focus strengthen the and product of strategy and and adds complementary separation. to gives pharma the value four in with our platforms solid markets, long-term across plastics Milacron and through strong our pillars is and build to Hillenbrand specifically, organically of chemicals, The
leading resin We end now plastics are processing products. into in where engineering plastics positions production, shaped have and base plastics
we're the market. addition, have to success but and growing positioned small In continue well in recycling
win We new to over such positions biodegradable run, know-how product share the these expand long lines, markets to markets technical in to leverage key combined applications offering and expect to and plastics. in cross-sell as strong product our
that for improve construction as continue therapy plastics maintenance; electric expect and industries with and and drug an less particularly run, consumer including delivery focus and more grow the where transportation, are fuel-efficient vehicles. to becomes goods require long more the durability, of increased critical and for to vehicles with improved plastics, plastics over products We demand lightweighting medical and increasingly benefits demand safety, on durable recognizing in durability
and pillar a We that business leader strategic deep leverage relationships American industry. long has is this the a second for Batesville death has make run to in Our of revenue cash, has been provided continues excellence manufacturing environment. long-standing associated Batesville flow has cash. predictable care and North for streams history the sensitive customer ever in more it it cash long-term than historically and stable is our today's offset burial less us economically for and to provide cash the to diversify with risk market. It casket that flow and and important
is of using model. for pillar third the our foundation Hillenbrand build scalable to growth The strategy operating a
Milacron, margin center-led are increased capital we supply IT, of lines. enterprise particularly acquisition procurement opportunity acquired and improve the world-class as we and the and leverage areas working the chain injection and our With scale in see finance, on molding to perspective, practices build focused productivity processes resources focused operational human and to such an margins drive product expansion across extrusion that From on to reducing expanding improvements. are continuing manufacturing and newly inventory, in and best the
see the model quarter Our and Batesville the direct roll to margin being Hillenbrand legacy consistently Equipment model out operating this is of both the segment. Group. a throughout result operating Process we opportunity the performance And throughout significant deployed Milacron
deploy effectively free is Our final flow. pillar fourth to and strong cash
that a to believe compelling achieve inorganic industrial it merits Milacron diversified the end of goal through and actions, becoming state been have world-class are take We strategic that company. global and the our will reshaping We strongly portfolio in our clear we of long-term organic transaction. time
maintaining record balance track a to through history debt paying sheet have post and flexible grow close. quickly of strategic acquisitions a We down of a
free We turn cash is so. And in generate our unforeseen the effectively while are do over pay pandemic With we flow employing creating challenges, down. to ability Kristina. that, and to playbook the prioritizing that are to I'll confident debt COVID-XX call
