Matthews International — Business Overview
What does Matthews International do?
Matthews International is a diversified industrial company operating across three distinct segments: Memorialization, Industrial Technologies, and Brand Solutions. Founded in 1850 and headquartered in Pittsburgh, Pennsylvania, the company serves industries ranging from funeral homes and cemeteries to electric vehicle battery manufacturers and e-commerce warehouses. As of fiscal year 2025, total consolidated sales were approximately $1.50 billion.
| Segment | FY2025 Revenue | Description |
|---|---|---|
| Memorialization | $809.5M (54%) | Bronze and granite memorials, caskets, cremation products and equipment, embalming chemicals |
| Industrial Technologies | $342.2M (23%) | Energy storage manufacturing equipment, product marking/identification systems, warehouse automation |
| Brand Solutions | $345.9M (23%) | Cylinders business plus a 40% equity stake in Propelis (a newly formed brand solutions entity) |
The Brand Solutions segment underwent a major structural change in May 2025. Matthews contributed the bulk of that segment — the "SGK Business" — into a new joint venture called Propelis, retaining a 40% ownership stake. Propelis, formed by merging the SGK Business with SGS & Co., now has roughly 10,000 employees across 30+ countries and nearly $1 billion in annual sales. Going forward, Matthews will account for its share of Propelis as an equity-method investment (meaning it records its proportional share of profits/losses rather than consolidating full revenues).
How does Matthews International make money?
The Memorialization segment generates revenue by selling physical products and equipment to cemeteries, funeral homes, and crematories, along with some software-as-a-service (SaaS) tools for funeral home management. Products include caskets, bronze and granite memorials, cremation urns, and cremation/incineration equipment. Some memorial products are sold on a "pre-need" basis, where families pay in full ahead of time — providing upfront cash flow. Revenue also comes from consumables and service contracts tied to cremation equipment.
The Industrial Technologies segment has a mix of large custom-equipment projects and recurring consumables revenue. Energy storage solutions involve purpose-built machinery sold to battery manufacturers and electric vehicle producers. Product identification systems generate ongoing consumables revenue, as Matthews develops inks exclusively for use with its own marking equipment — creating a recurring revenue stream once a customer adopts the hardware. Warehouse automation projects are typically large, custom engagements with retailers and e-commerce companies.
What market does Matthews International operate in?
The Memorialization segment operates in the death care industry, a market shaped more by demographics than economic cycles. Demand for caskets and memorials is tied to the annual U.S. death rate, which provides relative stability. However, the long-term secular trend toward cremation (instead of traditional burial) is reshaping product mix. Matthews addresses this by selling cremation urns, cremation equipment, and cremation memorial products alongside its traditional casket and burial memorial lines — positioning itself on both sides of this shift.
Industrial Technologies operates across several faster-moving industrial markets, including electric vehicle (EV) battery manufacturing, e-commerce logistics, and industrial product marking. The energy storage business has grown in recent years due to demand for EV batteries, and Matthews holds patents on its dry electrode calendering equipment — a process that is cheaper and more environmentally sustainable than conventional wet electrode methods. Warehouse automation demand is driven by the continued growth of e-commerce and the need for faster order fulfillment.
Who are Matthews International's main competitors?
In Memorialization, Matthews presents itself as a broad-line total-solutions provider to the death care industry, competing on quality, design, and delivery rather than on price alone. The casket market has many participants in North America, including some foreign manufacturers primarily from China. In cremation equipment, Matthews and its three largest global competitors together account for a substantial portion of the U.S. and European market — suggesting a moderately consolidated competitive environment.
In Industrial Technologies, the competitive landscape is more fragmented, with some rivals offering narrow specialty products and others competing across multiple product categories globally. Matthews differentiates through its broad product line covering energy storage, product identification, and warehouse automation. Its dry electrode battery technology is patent-protected, which provides some competitive insulation in that specific niche.
Where does Matthews International operate?
Matthews is primarily a North American business, with meaningful but secondary operations in Europe and Asia. In fiscal 2025, approximately 71% of sales came from North America, 24% from Europe, 3% from Asia, and 2% from other regions. The company employs over 5,500 people across more than 145 locations in 18 countries on four continents.
Each segment has a different geographic profile. Memorialization's principal operations are in North America, Europe, and Australia — covering both manufacturing and sales. Industrial Technologies sells globally through subsidiaries in Sweden, Germany, Malaysia, and China, and holds minority interests in distributors in Asia, Australia, and Europe. The company both manufactures and sells in these regions; for example, Industrial Technologies has production capabilities in Germany, the Czech Republic, and the United States.