Matthews International Corporation Signs Definitive Agreement for the Purchase of Ungricht
PITTSBURGH, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ:MATW) (“Matthews” and/or the “Company”) today announced that the Company has signed a definitive agreement for the purchase of A. + E. Ungricht GmbH + Co KG (hereafter “Ungricht”).
Ungricht is a leading European provider of pre-press services and gravure printing forms, located in Moenchengladbach, Germany. Their products and services are sold worldwide. The acquisition is designed to expand Matthews' products and services in the global surfaces market.
Joseph C. Bartolacci, President and Chief Executive Officer of Matthews, stated, “The combination of our existing businesses with Ungricht will increase our European production capacities and provide expanded product and service capabilities for our European and global customers."
The purchase price for Ungricht will be €26 million (U.S. $27.3 million) on a cash-free, debt-free basis, subject to a working capital adjustment. Other terms of the acquisition were not immediately disclosed. Ungricht reported sales of €25.1 million (U.S. $26.4 million) in calendar 2015 and has approximately 210 employees.
The transaction, which is subject to regulatory approval in Germany, is expected to close during Matthews’ 2017 second fiscal quarter.
Matthews International Corporation is a global provider of brand solutions, memorialization products and industrial automation solutions. The SGK Brand Solutions segment is a leader in the delivery of brand development, activation and deployment services that help build our clients’ brands and consumers’ desire for them. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets and cremation equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. The Industrial Technologies segment designs, manufactures and distributes marking, coding and industrial automation technologies and solutions. We have more than 10,000 employees in more than 25 countries on six continents that are committed to delivering the highest quality products and services.
Any forward-looking statements contained in this press 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 changes in economic conditions, competitive environment, death rate, foreign currency exchange rates, and technological factors beyond the Company’s control, and other factors described in the Company’s Annual Report on Form 10-K and other periodic filings with the U.S. Securities and Exchange Commission.
Contact: Steven F. Nicola Chief Financial Officer and Secretary (412) 442-8200Source: Matthews International Corporation
Released November 28, 2016