Exhibit
99.1
February 25,
2008
Steven F.
Nicola
CFO, Secretary &
Treasurer
412:442-8262
MATTHEWS
INTERNATIONAL CORPORATION
SIGNS
DEFINITIVE AGREEMENT FOR THE PURCHASE OF A MAJORITY INTEREST IN SAUERESSIG GMBH
& CO. KG
PITTSBURGH, PA, February 25, 2008 --
Matthews International Corporation (NASDAQ NMS: MATW) today announced that the
Company has signed a definitive agreement for the purchase of a 78% ownership
interest in Saueressig GmbH & Co. KG (“Saueressig”). Saueressig
is a leading European provider of pre-press services and gravure printing
forms. Saueressig is headquartered in Vreden, Germany and has
manufacturing operations in Germany, Poland, England and Jordan. Its
products and services are sold principally within Europe. The
acquisition is designed to expand Matthews' products and services in the global
graphics imaging market.
Joseph C.
Bartolacci, President and Chief Executive Officer of Matthews, stated, “The
combination of our existing Graphics businesses and Saueressig will increase our
international presence and provide a framework for continued growth in the
global graphics industry."
Franz J.
Schwarz, Matthews’ President, Graphics Europe, stated, "Saueressig is a highly
respected company in the European graphics market and enjoys an outstanding
reputation with its customers. In addition, Saueressig brings new
capabilities to Matthews, particularly in gravure printing technology, which
will result in a broader product offering to our customers.”
Kilian
Saueressig, President of Saueressig, stated, "We are excited about the
opportunity to become part of the Matthews’ group. Matthews has an
excellent reputation in Europe and I expect the combination of our businesses
will provide a good platform for growth in current and new global
markets.” Mr. Saueressig will maintain a 22% ownership interest in
Saueressig following the transaction.
Matthews
International
Corporation 2
of
2 February
25, 2008
The
purchase price for Matthews to acquire a 78% ownership interest in Saueressig
will be approximately €76 million (U.S.$110 million) on a cash-free, debt-free
basis. Other terms of the acquisition were not immediately
disclosed. Saueressig reported sales of approximately
€90 million (U.S.$130 million) in calendar 2007 and has approximately 900
employees.
The transaction, which is subject to
regulatory approval in Germany, is expected to close during Matthews’ 2008 third
fiscal quarter.
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 other memorialization products, caskets and cremation equipment
for the cemetery and funeral home industries. Brand solutions include
graphics imaging products and services, marking products, and merchandising
solutions. 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; brand management; printing plates, pre-press services and imaging
services for the primary packaging and corrugated industries; marking and coding
equipment and consumables, and industrial automation products for identifying,
tracking and conveying various consumer and industrial products, components and
packaging containers; and merchandising display systems and marketing and design
services.