Matthews (MATW) to Acquire A. + E. Ungricht GmbH + Co in ~$27.3M Deal
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Matthews International Corporation (Nasdaq: MATW) announced that the Company has signed a definitive agreement for the purchase of A. + E. Ungricht GmbH + Co KG (hereafter “Ungricht”).
Ungricht is a leading European provider of pre-press services and gravure printing forms, located in Moenchengladbach, Germany. Their products and services are sold worldwide. The acquisition is designed to expand Matthews' products and services in the global surfaces market.
Joseph C. Bartolacci, President and Chief Executive Officer of Matthews, stated, “The combination of our existing businesses with Ungricht will increase our European production capacities and provide expanded product and service capabilities for our European and global customers."
The purchase price for Ungricht will be €26 million (U.S. $27.3 million) on a cash-free, debt-free basis, subject to a working capital adjustment. Other terms of the acquisition were not immediately disclosed. Ungricht reported sales of €25.1 million (U.S. $26.4 million) in calendar 2015 and has approximately 210 employees.
The transaction, which is subject to regulatory approval in Germany, is expected to close during Matthews’ 2017 second fiscal quarter.
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