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Matthews International Denies Tesla's Accusations :: Matthews International Corporation (MATW)

Matthews International Denies Tesla's Accusations :: Matthews International Corporation (MATW)
Matthews International Denies Tesla's Accusations :: Matthews International Corporation (MATW)


PITTSBURGH, June 17, 2024 (GLOBE NEWSWIRE) — Matthews International Corporation (Nasdaq GSM: MATW). On Friday evening, June 14, 2024, Tesla filed a complaint in the Federal District Court for the Northern District of California. The allegations made in this unfounded complaint are completely without merit and we intend to defend the case vigorously. Notably, the complaint vaguely refers to trade secrets, but fails to identify a single trade secret that Tesla allegedly disclosed to Matthews. We are continuing to evaluate this complaint and may pursue legal remedies.

Contrary to the allegations in the complaint, Tesla's lawsuit is merely a new tactic in their ongoing efforts to harass Matthews and misappropriate Matthews' valuable intellectual property. Additionally, Tesla's complaint seeks to limit us from offering our innovative solutions to others, preventing the market from significantly benefiting from the savings associated with our dry battery electrode (DBE) solutions and thereby interfering with the ability of Matthews to realize the value of our intellectual property.

Over 25 years ago, before Tesla existed as a company, our engineers began developing the new technology that forms the basis of our DBE solutions, which simplifies the production of lithium-ion batteries and significantly reduces the costs of producing electric vehicles. Five years ago, Tesla came to Matthews seeking engineering solutions and access to our valuable intellectual property, trade secrets and global engineering talent. As the complaint acknowledges, Matthews continues to work with Tesla as a trusted supplier.

For the reasons described herein, we do not currently believe that the matters will have a material impact on the Company.

About Matthews International Corporation

Matthews International Corporation is a global provider of industrial technologies, commemorative products and branding solutions. The Industrial Technologies segment includes the design, manufacture, service and distribution of custom high-tech energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and forwarding consumer and industrial products; and coating and converting lines for the packaging, pharmaceutical, foil, decoration and tissue industries. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets, cremation-related products and cremation and cremation equipment, primarily to cemetery and funeral home customers helping families move from grief to remembrance. The SGK Brand Solutions segment is a leading provider of packaging solutions and brand experiences, helping companies simplify their marketing, amplify their brands and deliver value. The company has approximately 12,000 employees in more than 30 countries on six continents who are dedicated to providing the highest quality products and services.

Forward-looking information

Any forward-looking statements included in this release are included in accordance with the safe guard provisions of the Securities and Exchange Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding expectations, hopes, the Company's beliefs, intentions or strategies regarding the future, and may be identified by the use of words such as expects, believes, intends, projects, anticipates, estimates, plans, seeks, forecasts, anticipates, targets, objectives, potential, prospect, may, will, could or negative of these terms, other comparable terminology and variations thereof. Such forward-looking statements involve known and unknown risks and uncertainties that could cause the Company's actual results in future periods to differ materially from management's expectations, and no assurance can be given that such expectations will prove to be correct. correct. Factors that could cause the Company's results to differ materially from those discussed in such forward-looking statements primarily include changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in cost of materials used in the manufacture of the Company's products, any damage to goodwill or intangible assets, environmental liability and restrictions on the Company's operations due to environmental laws and regulations, interruptions in certain services, such as telecommunications, network server maintenance, cloud computing or transaction processing services provided to the Company by third parties, changes in mortality and burn rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates, or other factors such as supply chain disruptions, labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, the ability to achieve cost reduction targets, unknown risks in related to the Company's acquisitions and sales, cybersecurity concerns and costs arising from managing cybersecurity threats, the effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, the impact of pandemics or similar outbreaks, or other disruptions to our industries, customers or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine, and other factors described in the Company's Annual Report on Form 10-K and other periodic filings with the US Securities and Exchange Commission.

Matthews International Corporation
Corporate Office
Two NorthShore Centers
Pittsburgh, PA 15212-5851
Phone: (412) 442-8200

Contact: Steven F. Nicholas
Senior Financial Officer
and the Secretary

Main logo

Source: Matthews International Corporation




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