Hillenbrand (HI) completed the sale of its majority interest in the Milacron injection molding and extrusion business to Bain Capital for $287 million.

Proceeds will be used to pay down debt, Hillenbrand said Monday in a statement.

"This transaction reflects the continued transformation of Hillenbrand's portfolio mix as a pure-play industrial company," Chief Executive Officer Kim Ryan said in the statement.

Bain now own 51% of Milacron, and Hillenbrand has 49%.