Matthews Boosts Engineering Capabilities For Energy Via New Acquisitions
- Matthews International Corp (NASDAQ: MATW) completed the acquisition of German-based engineering firms OLBRICH GmbH and R+S Automotive GmbH for €43 million (~$45 million).
- Headquartered in Bocholt, Germany, OLBRICH is a production and intelligent equipment manufacturer specializing in purpose-built rotary processing equipment.
- R+S Automotive is a specialty engineering services provider of automation, plant, and tooling concepts for automotive manufacturing companies worldwide.
- Matthews plans to integrate OLBRICH and R+S Automotive with its Saueressig Engineering and Energy business, part of its Industrial Technologies segment.
- The acquisitions align with MATW's long-term strategy to offer an extended portfolio of purpose-built engineered equipment and services for the electric vehicle and green energy market.
- MATW held cash and equivalents of $45.85 million as of June 30, 2022.
- Price Action: MATW shares are trading higher by 0.74% at $27.34 on the last check Wednesday.
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