Hillenbrand Inc., the Indiana-based death care provider, will buy K-Tron International for $435 million, or $150 per share.

The deal represents a 32% increase over K-Tron’s share values on Jan. 8. The deal is expected to close this March. Speaking with Mergers & Acquisitions, K-Tron finance chief Robert Wisniewski said there are no planned divestitures as part of the deal.

Hillenbrand operates a death care business, making and selling products to funeral directors and funeral homes. K-Tron’s business is a materials handling equipment, used across a wide range of industries. K-Tron has operations in the US, Switzerland and China, representing an expansion of Hillenbrand offerings and capacities.

P&M Corporate Finance is serving as financial advisor to Hillenbrand and Goldman Sachs is financial advisor to K-Tron. Skadden Arps Slate Meagher & Flom and Baker & Daniels are serving as legal advisors to Hillenbrand and Morgan, Lewis & Bockius is serving as legal advisor to K-Tron.

From Skadden Arps, M&A partners Charles Mulaney, Jr. and Richard Witzel, Jr. worked on the deal.

In 2008, Hill-Rom Holdings spun off Hillenbrand Inc. and after that, the independent funeral services company enlisted Honeywell vet Hinesh Patel to serve as vice president of its business development.

With the graying of the Baby Boomers, it seems that M&A in the funeral industry will continue to play out in 2010 similar to the way it did last year. Palm Mortuary Inc., a Las Vegas owner of operator was to be bought by Service Corp. International and the buyer was set to divest similar assets with its newest asset.

Separately, Keystone North America, a Tampa funeral home operator, was also sold last year to Service Corp., in a deal preceding Palm Mortuary, for more than $200 million.