Matthews International Corporation Announces the Completion of the Acquisition of Schawk, Inc.
29 Juillet 2014 - 9:45PM
Matthews International Corporation (Nasdaq:MATW) ("Matthews or the
"Company") today announced the completion of its acquisition of
Schawk, Inc. ("SGK") (NYSE:SGK). SGK is a leading global brand
development, activation and brand deployment company. SGK reported
sales of $443 million for 2013 and has approximately 3,600
employees in over 20 countries.
Under the terms of the transaction, SGK stockholders receive
$11.80 cash and 0.20582 shares of Matthews' common stock for each
SGK share held. Based on the closing price of Matthews' stock on
July 28, 2014, the transaction represents an implied price of
$20.74 for each SGK.
In addition, David A. Schawk, who served as Chief Executive
Officer of SGK, was elected as a member of Matthews' Board of
Directors.
Joseph C. Bartolacci, President and Chief Executive Officer of
Matthews, stated: "Our new organization under the Matthews
umbrella, creates one organization that has over 9,500 employees,
with over 100 offices in more than 25 countries. On a
combined basis, our revenues were approximately $1.4 billion over
the last twelve months."
"For over 100 years, we have been a leader in the graphics
imaging and technology marketplace. This merger builds upon that
legacy, doubles the size of our Brand Solutions business and
positions us as the global powerhouse in the industry. I truly
believe we are building a one-of-a-kind global offering for our
clients by providing a full spectrum of brand solutions
services. Together, we are the only brand company that
develops, deploys and delivers brands all over the world to help
clients drive brand performance."
"Through integration efforts, we expect to achieve significant
cost-savings, building an even stronger and more competitive
business in the global brand solutions market, which is also
expected to drive revenue growth. We have a well-defined
implementation plan and process for the achievement of these cost
savings."
Mr. Bartolacci further stated: "David Schawk will lead our
combined comparable brand solutions businesses. SGK has done a
tremendous job of establishing their brands, including Schawk!,
Anthem and Brandimage. The combination of these brands with our
well-established Matthews' brands will all be branded under the SGK
name. Under his leadership, I am confident that we will
continue to expand our global reach, further strengthen our
relationships with branding clients and achieve our synergy
objectives."
Mr. Schawk stated: "We are excited to be joining with Matthews,
adding to our 60 year rich history of supplying the world's best
brands with products and services that helped our clients improve
brand performance. We look forward to capitalizing on the
opportunities this transaction will create. With Matthews' trusted
reputation in Europe and ours in North America, Europe and Asia
Pacific, this merger is expected to form a stronger global offering
and provide greater value to our clients and the markets we serve,
along with enhancing our ability to expand into key brand delivery
markets. We also are extremely pleased that this transaction will
provide our stockholders significant value for their shares, along
with the opportunity to participate in the combined company going
forward."
Matthews International Corporation, headquartered in Pittsburgh,
Pennsylvania, is a designer, manufacturer and marketer principally
of memorialization products and brand
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. Brand solutions include graphics imaging products
and services, marking and fulfillment systems, and merchandising
solutions. The Company's products and services include cast
bronze and granite memorials and other memorialization products;
caskets; cast and etched architectural products; cremation
equipment and cremation-related products; mausoleums; brand
management; printing plates and cylinders, pre-press services and
imaging services for the primary packaging and corrugated
industries; marking and coding equipment and consumables,
industrial automation products and order fulfillment systems for
identifying, tracking, picking and conveying consumer and
industrial products; and merchandising display systems and
marketing and design services.
SGK is a leading global brand development,
activation and deployment company that drives brand performance. By
creating brands, helping sell brands, producing brand assets and
protecting brand equities, SGK helps clients achieve higher brand
performance. SGK's global footprint spans more than 20 countries.
SGK was formerly marketed as Schawk, Inc.
Any forward-looking statements contained in this press release
are included 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. Factors which could have a material adverse
effect on our operations and future prospects or which could cause
events or circumstances to differ from the forward-looking
statements include, but are not limited to, risks relating to the
merger; unanticipated difficulties and/or expenditures relating to
the merger; litigation relating to the merger; the impact of the
transaction on relationships with customers, employees and third
parties; and the inability to obtain, or delays in obtaining cost
savings and synergies from the Merger; as well as other risks
detailed in our Registration Statement on Form S-4 that was filed
in connection with the merger and from time to time in our other
filings with the Securities and Exchange Commission (the "SEC"),
including our Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q. We expressly disclaim any obligation to release publicly
any updates or revisions to any forward-looking statements
contained herein to reflect any change in our expectations with
regard thereto or change in events, conditions or circumstances on
which any statement is based.
CONTACT: Investor contact:
Steven F. Nicola
Chief Financial Officer, Secretary & Treasurer
(412) 442-8262
Media contact:
Ann Wilson
Director, Change Management and Communications
(412) 995-1665
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