Matthews International Corporation has signed an agreement to acquire German based engineering firms, OLBRICH GmbH and R+S Automotive GmbH, for EUR €43 million (approximately U.S. $45 million). OLBRICH and R+S Automotive have combined annual revenues in excess of $100 million. Headquartered in Bocholt, Germany, OLBRICH is a production and intelligent equipment manufacturer, specializing in purpose-built rotary processing equipment, including equipment used in the manufacturing of dry and wet electrodes for lithium-ion batteries and components for hydrogen fuel cells used in electric vehicles, with additional strong positions in Specialty & Pharma, Packaging and Home & Décor. R+S Automotive is a specialty engineering services provider of automation, plant and tooling concepts for automotive manufacturing companies around the world. The closing of the transaction is subject to certain regulatory authority approvals, which is expected to be timely secured in July of 2022.

Joseph C. Bartolacci, President and Chief Executive Officer of Matthews International, stated, “We are extremely excited to announce the acquisitions of OLBRICH and R+S Automotive as part of our long-term strategy to provide turn-key processing equipment and services for the burgeoning electric vehicle business. We see our combined capabilities as a unique offering that will have significant impact on the electric vehicle business and benefit the entire energy solutions industry. Together, these acquisitions are an important investment and part of a buying strategy towards being a key player in the fast-growing energy sector.”