Matthews International Corp., a Pittsburgh-based provider of industrial technologies, memorialization products, and brand solutions, recently agreed to purchase German engineering firms OLBRICH GmbH and R+S Automotive GmbH for approximately $45 million.
OLBRICH produces machinery and equipment to manufacture web-shaped products, while R+S Automotive manufactures machines and tools to produce interior and exterior components for the automotive industry.
Both companies are headquartered in Bocholt, Germany, with more than $100 million in combined annual revenues.
“We are extremely excited to announce the acquisitions of OLBRICH and R+S Automotive as part of our long-term strategy to provide turn-key processing equipment and services for the burgeoning electric vehicle business,” Joseph C. Bartolacci, Matthews International president and CEO, said. “We see our combined capabilities as a unique offering that will have significant impact on the electric vehicle business and benefit the entire energy solutions industry. Together, these acquisitions are an important investment and part of a buying strategy towards being a key player in the fast-growing energy sector.”
The deal is expected to close in July, pending regulatory authority approvals.
Matthews International provides custom energy storage, marking, coding, and industrial automation technologies and solutions; memorials, caskets, and cremation and incineration equipment; and packaging solutions. It employs approximately 11,000 people worldwide.