Matthews to Purchase Wetzel
The acquisition is designed to expand Matthews’ products and services in the global graphics-imaging market.
Pittsburgh, PA-based Matthews Int’l Corp. announced that the company has signed a definitive agreement for the purchase of Wetzel Holding AG, Wetzel GmbH, and certain related affiliates. Wetzel is headquartered in Muenchenstein/BL, Switzerland and has its principal manufacturing operations in Germany and Poland. Its products and services are sold primarily within Europe. The acquisition is designed to expand Matthews’ products and services in the global graphics-imaging market.
The purchase price for Wetzel will be €42.5 million ($55 million) on a cash-free, debt-free basis, plus potential additional consideration based on operating results. Other terms of the acquisition were not immediately disclosed. The transaction, which is subject to regulatory approval in Germany, is expected to close during Matthews’ first fiscal quarter in 2013.