Matthews International Corp., a Pittsburgh-based provider of industrial technologies, commemorative products and branded solutions, recently agreed to buy German engineering companies OLBRICH GmbH and R+S Automotive GmbH for approximately $45 million. .
OLBRICH produces machinery and equipment to manufacture strip-like products, while R+S Automotive manufactures machinery and tools to produce interior and exterior components for the automotive industry.
Both companies are headquartered in Bocholt, Germany with over $100 million in combined annual revenue.
“We are extremely pleased to announce the acquisitions of OLBRICH and R+S Automotive as part of our long-term strategy to provide turnkey processing equipment and services for the growing electric vehicle industry. “said Joseph C. Bartolacci, President and CEO of Matthews International. CEO, said. “We view our combined capabilities as a unique offering that will have a significant impact on the electric vehicle industry and benefit the entire energy solutions industry. Together, these acquisitions represent a significant investment and are part of a buying strategy to become a key player in the growing energy sector.
The deal is expected to close in July, pending regulatory approvals.
Matthews International provides custom technologies and solutions for energy storage, marking, coding and industrial automation; memorials, caskets and cremation and cremation equipment; and packaging solutions. It employs approximately 11,000 people worldwide.