- Transaction Expected to Close on August 19, 2015.
- Acquisition Expected to Benefit Funeral Home Customers by Combining the Capabilities and Offerings of Matthews and Aurora.
- Transaction Purchase Price is $214 Million.
PITTSBURGH, Aug. 17, 2015 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ:MATW) (“Matthews” or the “Company”) today announced it has received FTC approval to complete its acquisition of Aurora Casket Company (“Aurora”) from Kohlberg & Company. Matthews expects to close the transaction on August 19, 2015. Aurora is a well-respected manufacturer and distributor of caskets and other products to funeral homes across the United States. Under the terms of the transaction, Matthews will purchase Aurora’s stock for $214 million, subject to a working capital adjustment.
Matthews will integrate Aurora within its existing Memorialization Segment, which is a leading total solutions provider to the funeral and cemetery industries. The combined funeral home operations will be branded Matthews Aurora Funeral Solutions, bringing together the best products, marketing programs, and services from both companies, and offering its customers an extensive casket selection, exemplary delivery service, industry-leading marketing programs and continuity of experienced sales support. Steven D. Gackenbach will remain Group President of Matthews Memorialization.
Joseph C. Bartolacci, President and Chief Executive Officer of Matthews, stated, “This acquisition represents a major step in Matthews’ strategic growth vision and in the growth of our Memorialization business. It will build greater value for our shareholders as we become an even stronger competitor in the Memorialization market.”
Steven D. Gackenbach, Group President for Matthews Memorialization, stated, “I am excited to welcome Aurora’s customers and employees to the new Matthews Aurora Funeral Solutions. While both companies were strong independently, together we are better positioned with stronger capabilities to serve our funeral home customers. Matthews Aurora Funeral Solutions will become the premier provider to the funeral home industry. Essentially nothing will change for customers immediately, and our number one priority will be to ensure that our customers receive seamless service throughout the integration. We are committed to maintaining the exceptional product quality, experienced sales support, excellent customer service and flexible delivery for which both companies are known."
Matthews International Corporation
Matthews International Corporation, headquartered in Pittsburgh, Pennsylvania, is a provider principally of brand solutions, memorialization products and industrial automation solutions. Brand solutions include graphics imaging products and services, and merchandising solutions. Memorialization products consist primarily of bronze and granite memorials and other memorialization products, caskets and cremation equipment for the cemetery and funeral home industries. Industrial automation solutions include marking products and fulfillment systems. The Company's products and services include brand development, deployment and management; printing plates and cylinders; pre-media services and imaging services for consumer packaged goods and retail customers; merchandising display systems and marketing and design services; cast bronze and granite memorials and other memorialization products; caskets; cast and etched architectural products, cremation equipment and cremation-related products; mausoleums; marking and coding equipment and consumables, and industrial automation products and order fulfillment systems for identifying, tracking, picking, and conveying various consumer and industrial products. For more information, visit www.matw.com.
Any forward-looking statements in connection with this press release are being made 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 from those presented herein include the impact of the transaction on relationships with customers, employees and third parties, the inability to obtain, or delays in obtaining cost savings and synergies from the transaction, as well as other risks that are set forth in the Company’s Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission (“SEC”).
Investor contact: Steven F. Nicola Chief Financial Officer and Secretary (412) 442-8262 Media contact: Mandy Dlugos Director, Marketing Communications, Memorialization (412) 995-1607
Source:Matthews International Corporation