Hillenbrand is a global industrial company that makes highly engineered processing equipment and systems, serving primarily the plastics processing and food/ingredient processing industries. Its two segments are Advanced Process Solutions (APS) and Molding Technology Solutions (MTS). APS — the dominant segment at roughly 85% of pro forma revenue — designs and manufactures twin-screw compounding and extrusion machines, material handling equipment, and food processing machinery for customers in plastics, chemicals, recycling, and food manufacturing. MTS, now roughly 15% of revenue following the divestiture of the Milacron injection molding business, focuses on hot runner systems (Mold-Masters brand) and mold bases (DME brand) used in plastic injection molding. Hillenbrand sells both capital equipment and aftermarket parts and services, with aftermarket representing roughly 35-37% of segment revenue. Aftermarket is higher-margin and more recurring than capital equipment, driven by Hillenbrand's large global installed base. Capital equipment demand is cyclical, tied to customer capex budgets. Within APS, Hillenbrand has been building its Food, Health and Nutrition sub-segment through acquisitions, including Linxis and FPM, adding brands like VMI, Diosna, and Unifiller. The company's strategy centers on growing its aftermarket business, cross-selling integrated production line solutions across its food brands, and expanding in Asia. Hillenbrand sells directly and through distributors globally, with no single customer exceeding 10% of revenue.