Hillenbrand announced that it has completed the sale of its Red Valve business to DeZURIK Inc. for $63 million. The deal price includes a cash payment of $58 million and notes payable worth $5 million. The diversified industrial company bought the Red Valve business, back in Feb. 2016, for a purchase price of $131.9 million in cash. Hillenbrand (HI) said that it plans to use the Red Valve sale proceeds for deleveraging its balance sheet, which is consistent with its current capital allocation priorities.