Exhibit
99.1
May
31,
2005
Steven F. Nicola
CFO,
Secretary & Treasurer
412:442-8262
MATTHEWS
INTERNATIONAL CORPORATION
SIGNS
DEFINITIVE AGREEMENT TO ACQUIRE MILSO INDUSTRIES
PITTSBURGH,
PA, May 31, 2005 -- Matthews International Corporation (NASDAQ
NMS:
MATW) today announced that the Company has signed a definitive agreement for the
purchase of the assets of Milso Industries (“Milso”). Milso, which includes the
legal entities Milso Industries, LLC, Milso Industries, Inc. and SBC Holding
Corporation, is one of the leading manufacturers and marketers of caskets in the
United States. Milso is headquartered in Brooklyn, New York, has manufacturing
operations in Richmond, Indiana and maintains distribution centers throughout
the Northeast, Mid-Atlantic, Midwest and Southwest regions of the United States.
The acquisition is designed to expand Matthews' products and services in the
casket market.
David J.
DeCarlo, Group President - Bronze and York Casket Divisions of Matthews, stated,
"We are excited about the opportunity to join our casket operations with Milso.
We believe the synergy created by our combined manufacturing, marketing and
distribution capabilities, along with the strength of our existing independent
distribution network, provides an effective strategic framework for continued
growth in the death-care industry. We expect Milso’s expertise in the casket
business to improve our combined position in an increasingly competitive
market."
Mr.
DeCarlo further remarked, "Milso is a well-recognized company in the casket
industry and enjoys an excellent reputation with customers. The Company also has
an experienced management team with dedicated employees and we look forward to a
successful partnership."
Harry
Pontone, President of Milso, said, "The combined strengths of Milso and York in
manufacturing, marketing and consulting services will ensure the funeral service
community a world-class platform of quality choices and solutions for all
aspects of their businesses presently and into the future."
Terms of
the acquisition were not immediately disclosed. Milso reported revenues of
approximately $85 million in 2004 and has in excess of 400 employees nationwide.
The Company intends to continue to actively use the brand names of both York and
Milso.
Matthews
International Corporation, headquartered in Pittsburgh, Pennsylvania, is a
designer, manufacturer and marketer principally of memorialization products and
brand solutions. Memorialization products consist primarily of bronze memorials
and memorialization products, caskets and cremation equipment for the cemetery
and funeral home industries. Brand solutions include graphics imaging products
and services, merchandising solutions, and marking products. The Company’s
products and services include cast bronze memorials and other memorialization
products; caskets; cast and etched architectural products; cremation equipment
and cremation-related products; mausoleums; printing plates, pre-press services,
and imaging systems for the corrugated and primary packaging industries; marking
equipment and consumables for identifying various consumer and industrial
products, components and containers; and merchandising display systems and
marketing and design services.
Any
forward-looking statements contained in this release are included pursuant to
the “safe harbor” provisions of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown risks and
uncertainties that may cause the Company’s actual results in future periods to
be materially different from management’s expectations. Although the Company
believes that the expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will prove correct.
Factors that could cause the Company’s results to differ materially from the
results discussed in such forward-looking statements principally include
economic, competitive, and technological factors beyond the Company’s
control.