Matthews international acquires olbrich gmbh and r+s automotive gmbh

Pittsburgh, june 21, 2022 (globe newswire) -- matthews international corporation (nasdaq gsm: matw) today announced that the company signed an agreement to acquire german based engineering firms, olbrich gmbh (“olbrich”) and r+s automotive gmbh (“r+s automotive”), for eur €43 million (approximately u.s. $45 million). olbrich and r+s automotive have combined annual revenues in excess of $100 million. headquartered in bocholt, germany, olbrich is a production and intelligent equipment manufacturer, specializing in purpose-built rotary processing equipment, including equipment used in the manufacturing of dry and wet electrodes for lithium-ion batteries and components for hydrogen fuel cells used in electric vehicles, with additional strong positions in specialty & pharma, packaging and home & dÉcor. r+s automotive is a specialty engineering services provider of automation, plant and tooling concepts for automotive manufacturing companies around the world. the closing of the transaction is subject to certain regulatory authority approvals, which is expected to be timely secured in july of 2022.
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