PITTSBURGH, March 01, 2017 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ:MATW) announced that the Company has acquired Equator, Ltd. (Equator). Equator will join the SGK Brand Solutions segment of Matthews. The transaction closed Wednesday, March 1, 2017.
Equator is a design agency with subject matter experts in grocery retail and CPG brands with the rare capability to take brands from creation to shelf under one roof, with one team. Equator has three locations, including its headquarters, in the United Kingdom and one in Chicago.
David A. Schawk, Group President, SGK Brand Solutions, stated, “Equator is an important strategic acquisition for SGK. Its operating and service model aligns with SGK's future growth strategy – a strategy specifically built on the insights and needs of our clients, greatly contributing to the SGK service portfolio. Together, we believe we can extend the Equator brand to support our clients by providing a one-of-a-kind global offering and managing volume-based brand implementation."
The purchase price for Equator was £33 million (U.S. $41 million) on a cash-free, debt-free basis, subject to a working capital adjustment. Other terms of the acquisition were not immediately disclosed. Equator reported sales of approximately £21 million (U.S. $26 million) in calendar 2016 and has approximately 255 employees.
Matthews International Corporation is a global provider of brand solutions, memorialization products and industrial automation solutions. The SGK Brand Solutions segment is a leader in the delivery of brand development, activation and deployment services that help build our clients’ brands and consumers’ desire for them. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets and cremation equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. The Industrial Technologies segment designs, manufactures and distributes marking, coding and industrial automation technologies and solutions. We have more than 10,000 employees in more than 25 countries on six continents that are committed to delivering the highest quality products and services.
