Matthews International

What Matthews International does

Matthews International Corporation (NASDAQ: MATW) is a 175-year-old, Pittsburgh-headquartered public company that operates through two reportable segments: Memorialization and Industrial Technologies. The Memorialization segment supplies caskets, memorials, cremation and incineration equipment, and funeral supplies (including through the recently acquired Dodge Company) to cemetery and funeral home customers via a global direct field-sales force spanning 15+ countries. The Industrial Technologies segment provides precision marking, coding and product identification systems (including the newly launched MPERIA® Axian XIJ AX1000 Series for CPG/FMCG customers), warehouse execution software, and advanced battery manufacturing equipment based on Matthews Engineering's proprietary dry battery electrode (DBE) technology and the new MEODEO™ production system for lithium-ion DBE, solid-state battery and ultracapacitor manufacturing.

Revenue mechanics are primarily B2B and project-based, with hardware sales of industrial marking and battery equipment, one-time purchases of memorial products by cemeteries and funeral homes, and managed services revenue through the 40%-owned Propelis brand solutions joint venture (formed by merging SGK Brand Solutions with SGS & Co., reporting $130M EBITDA run rate and targeting $60M of cost synergies). Pricing is quote-based and not publicly disclosed. Matthews generates revenue across more than 30 countries, with its customer base spanning consumer packaged goods manufacturers, energy storage and battery producers, logistics operators, brand owners, and the deathcare channel.

The company is mid-transition. Over 2025-2026, Matthews divested its Warehouse Automation business for $232.1M (to Duravant), sold its European roto-gravure packaging and tooling businesses for $41M, contributed SGK into the Propelis JV, redeemed $300M of 8.625% senior secured second lien notes, and executed a $300M debt refinancing as part of a stated goal to reach a 2.5x net leverage ratio. Capital allocation has shifted toward Memorialization bolt-ons (Dodge Company, $57M), the Vreden Development Center and MEODEO™ in Germany, and litigation defense in the Tesla DBE trade-secrets case (where Matthews has prevailed in two arbitration rulings). A Barington Capital activist engagement resulted in a board chair transition to J. Michael Nauman (former Brady Corporation CEO) and corporate governance enhancements at the 2026 Annual Meeting.

Name

Matthews International

Legal name

Matthews International Corporation

Website

http://www.matw.com

Company type

Public

Founded year

1850

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Matthews International (NASDAQ: MATW) operates Memorialization (caskets, cremation equipment, funeral supplies for cemetery/funeral customers) and Industrial Technologies (industrial marking and dry battery electrode equipment including MEODEO™ production systems), plus a 40% stake in the Propelis brand solutions joint venture.

Ownership category

akta.pro rank

Headquarters

HQ city

Pittsburgh

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Memorialization Products and Services: Provider of memorialization products including memorials, caskets, and cremation and incineration equipment primarily to cemetery and funeral home customers. Products help families move from grief to remembrance.
2. Industrial Technologies: Precision technologies and intelligent processes for industrial applications including product marking, coding, warehouse automation, and energy storage solutions (dry battery electrode equipment).
3. Propelis Joint Venture (40% stake): Matthews holds 40% stake in Propelis, a brand solutions business formed through merger of SGK and SGS & Co. Propelis delivers integrated solutions including brand creative, packaging, print solutions, branded environments, and content production. Reports $130M EBITDA run rate.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Matthews International operates through two core segments: Industrial Technologies and Memorialization. The Memorialization segment manufactures and sells caskets, memorials, cremation and incineration equipment, and funeral supplies to cemetery and funeral home customers. The Industrial Technologies segment provides precision marking and coding systems (MPERIA® Axian), warehouse automation software (divested to Duravant), and proprietary dry battery electrode equipment (MEODEO™) for the energy storage and EV battery manufacturing markets. The company also holds a 40% stake in the Propelis brand solutions joint venture.

Product overview

Matthews International Corporation operates through two core segments—Industrial Technologies and Memorialization—plus a 40% stake in the Propelis joint venture (brand solutions). The Industrial Technologies segment includes Matthews Engineering (dry battery electrode equipment, MEODEO™ systems), Matthews Marking Systems (MPERIA® Axian XIJ AX1000 Series industrial printers), and Matthews Environmental Solutions (cremation equipment). The Memorialization segment provides cemetery memorials, caskets, cremation equipment, and funeral supplies through brands including The Dodge Company. The Propelis joint venture combines SGK Brand Solutions with SGS & Co. for integrated brand solutions including packaging, print, and branded environments. Additional subsidiaries include Saueressig Group (printing/embossing), Equator Design (packaging/branding), and IDL (retail creative). Matthews Engineering operates a Development Center in Vreden, Germany, and offers the MEODEO™ production system for lithium-ion DBE, solid-state battery, and ultracapacitor manufacturing. The company was founded in 1850 and has operations in over 15 countries.

Differentiator

Problem solved

Functional benefit

Brands

• Matthews Engineering: Production machinery and equipment manufacturer for energy and converting industries, including dry battery electrode technology and MEODEO™ production systems
• Matthews Industrial Automation
• Matthews Memorialization
• Matthews Environmental Solutions
• Matthews Marking Systems
• SGK Brand Solutions
• Equator Design
• Saueressig Group
• IDL
• Propelis
• MPERIA® Axian
• MEODEO™
• Pyramid
• Compass
• Lightning Pick

Products and services

• Memorialization Products (Caskets, Memorials, and Cremation Equipment) Matthews Memorialization manufactures and distributes caskets, cemetery memorials, cremation and incineration equipment, and funeral supplies (including embalming chemicals and instruments via The Dodge Company) to cemetery and funeral home operators serving bereaved families.
• MEODEO™ Production System MEODEO™ is a next-generation, full-scale production system for battery and energy storage manufacturing, designed to support lithium-ion dry battery electrode (DBE), solid-state battery, and ultracapacitor production. It can process electrodes up to 850mm in width at speeds up to 150 m/min, and is targeted at battery cell manufacturers and energy storage producers.
• MPERIA® Axian XIJ AX1000 Series Inkjet Printer The MPERIA® Axian XIJ AX1000 Series is a proprietary high-speed, high-resolution inkjet product marking system for consumer-packaged goods (CPG) and fast-moving consumer goods (FMCG) industries, enabling traceability and identification on production lines.
• Dry Battery Electrode (DBE) Manufacturing Equipment and Solutions Matthews' proprietary DBE technology and equipment enables dry battery electrode manufacturing for lithium-ion, solid-state batteries, and ultracapacitors, sold to battery and energy storage manufacturers.
• Cremation and Incineration Equipment (Matthews Environmental Solutions) Matthews Environmental Solutions designs and manufactures technologically advanced crematoria, incineration equipment, and cremation-related products and services for funeral homes, cemeteries, and waste management operators.
• Propelis Brand Solutions (40% Joint Venture Interest) Propelis is a brand solutions business formed through the merger of SGK and SGS & Co., delivering integrated solutions including brand creative, packaging, print solutions, branded environments, and content production to brand owners and retailers globally. Matthews holds a 40% minority stake.

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core, minor and major.

• PropeliscoreStrategic or Co-development Partner · 19 May 2026Matthews holds 40% stake in Propelis joint venture formed through merger of SGK Brand Solutions and SGS & Co. Propelis delivers integrated brand solutions including creative, packaging, print, branded environments, and content production. $130M EBITDA run rate with $60M targeted cost synergies.
• Hs-TumblerminorStrategic or Co-development Partner · 19 March 2026Partnership between Matthews Engineering and Hs-Tumbler to enable high-speed dry electrode manufacturing through trajectory mixing technology. Joint development effort for battery manufacturing processes.
• Duravant LLCmajorStrategic or Co-development Partner · 31 December 2025Duravant acquired Matthews Automation Solutions for $232.1 million (including $225.4M cash and assumption of certain liabilities). Transaction strengthens Duravant's position in material handling by adding warehouse execution and control system software capabilities. Matthews used proceeds for debt reduction.
• The Dodge CompanymajorStrategic or Co-development Partner · 1 May 2025Acquired by Matthews for $57 million in May 2025. Supplier of embalming chemicals, instruments, and funeral supplies. Acquisition continues to be accretive to earnings with leverage of Memorialization commercial platform and realized cost synergies from integration.
• OLBRICH GmbHcoreStrategic or Co-development Partner · 17 August 2022Acquired by Matthews for EUR 43 million combined with R+S Automotive. Expands Matthews' engineering capabilities for energy and automotive manufacturing, focusing on solutions for electric vehicles and hydrogen fuel cells.
• R+S Automotive GmbHcoreStrategic or Co-development Partner · 17 August 2022Acquired by Matthews for EUR 43 million combined with OLBRICH GmbH. Expands Matthews' engineering capabilities for automotive manufacturing and energy sector, including automation and production equipment for batteries and fuel cells.

Scale indicators9 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• Danaher Corporation: Danaher owns Videojet, a major global industrial marking and coding player. Danaher is a much larger diversified science and technology conglomerate, but its Videojet unit overlaps directly with Matthews Marking Systems.

Direct peers

• Dürr AG: Dürr is a global industrial engineering company with significant presence in automotive, battery cell production, and environmental technology, directly comparable to Matthews Engineering's OLBRICH and R+S Automotive businesses.
• Hillenbrand, Inc. Hillenbrand owns Batesville, a leading North American casket manufacturer and the most direct competitor to Matthews Memorialization in burial caskets, funeral products, and cemetery-related industrial offerings.
• Brady Corporation: Brady is a specialist in industrial identification, labels, and printing solutions serving similar manufacturing and safety end markets as Matthews Marking Systems. Notably, Matthews' incoming Chairman J. Michael Nauman is Brady's former President and CEO.
• Domino Printing Sciences: Domino (a Brother Industries company) is a specialist industrial inkjet and laser coding provider that competes head-on with Matthews Marking Systems in CPG, pharmaceutical, and industrial marking.
• Dover Corporation: Dover's Markem-Imaje division is a global leader in industrial coding and marking, directly competing with Matthews Marking Systems and the MPERIA® Axian platform across CPG/FMCG and industrial customers.

Emerging players

• StoneMor Inc. StoneMor operates cemeteries and funeral homes across the U.S., adjacent to Matthews Memorialization's customer base. While not a product competitor, it is a relevant comparable for end-market dynamics in deathcare.
• Service Corporation International: SCI is the largest North American funeral services and cemetery operator, a customer and adjacent participant in the deathcare value chain rather than a direct casket manufacturer; comparable because it shapes Memorialization demand dynamics.
• Manz AG: Manz is a German specialist in equipment for battery cell production, electronics, and energy storage, comparable to Matthews Engineering's MEODEO™ dry battery electrode and energy storage production systems.

Others

• Tesla, Inc. Tesla is both the counterparty in Matthews' ongoing DBE trade-secret litigation and a potential customer/competitor in dry battery electrode equipment. Tesla's in-house 4680 cell program and supplier dynamics directly shape the addressable opportunity for MEODEO™.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/matthewsinternationalcorporation
• LinkedInlinkedin.com/company/matthews-international
• Xx.com/matwcremation

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries13 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A29 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Matthews International