Matthews International purchase of a casket company indicates the continued Funeral Industry Decline. Purchasing “Freeman” consists of a casket company consolidation.
Matthews International Corporation ……..announced its acquisition of Freeman Metal Products, Inc. and related entities, including F&F Metal Products, Inc., Esser Casket Co., and Southern Heritage Casket Co. (collectively “Freeman“). Freeman, which has manufacturing operations in North Carolina, Texas and Alabama, is also a distributor of caskets primarily in the Southeast and South central regions of the United States. Terms of the transaction were not immediately disclosed. Freeman reported sales of approximately $21 million in calendar 2009.
Joseph C. Bartolacci, President and Chief Executive Officer of Matthews, stated: “Freeman is an outstanding organization and their customer focus is well-respected in the casket industry. We are excited to welcome them to our Funeral Home Products team and look forward to working with their customers and the Freeman family of distributors. This acquisition is expected to provide synergies in the manufacturing and distribution of our products and to expand Matthews’ market presence particularly in the Southeast and South central regions of the United States.”
funeral Industry|Funeral News|Funeral Blog by Your Funeral Guy