I-Flow Agrees on Deal to Buy Hillenbrand Industries Unit

I-Flow Corp. said Tuesday that it has reached a definitive agreement to acquire Hillenbrand Industries Inc.’s Block Medical unit, a San Diego manufacturer of portable infusion devices.

I-Flow will pay about $15 million in cash, $2 million of I-Flow common stock, and five-year, non-callable warrants to acquire 250,000 I-Flow common shares for the stock’s price on the closing date.

Block Medical had revenue of about $13.5 million in 1995.