Matthews International Corporation · NASDAQ:MATW

Matthews International — Investor Day (June 2019)

111 slides from Matthews International's investor day presentation, Jun 19, 2019

Slide 2: Disclaimer
DISCLAIMER Any forward-looking statements contained in this presentation are included pursuant to the “safe harbor” provisions of earnings before the impact of investing and financing charges and income taxes, and the effects of certain acquisition the Private Securities Litigation Reform Act of 199
Slide 3: Agenda & Welcome
AGENDA & WELCOME 9:00 AM Welcome & Overview Joe Bartolacci, President and Chief Executive Officer Joe Bartolacci, President and Chief Executive Officer 9:05 AM Business & Financial Review Steve Nicola, Chief Financial Officer and Secretary Gary Kohl, President, SGK Brand Solutions 9:30 AM SGK Brand
Slide 4: Joe Bartolacci and Steve Nicola
JOE BARTOLACCI President & Chief Executive Officer STEVE NICOLA Chief Financial Officer & Secretary © 2019 Matthews International Corporation. All Rights Reserved.
Slide 5: A market-leading global company serving consumer, memorialization and industrial markets
A market-leading global company serving the consumer products, memorialization and industrial technologies markets. Nasdaq: MATW Founded 1850 Common Shares Outstanding 31.7 million Market Capitalization $1.2 billion Annualized Dividend / Yield $0.80 / 2.2% Recent Price $36.63 Institutional Ownership
Slide 6: Rooted in identification products
ROOTED IN IDENTIFICATION PRODUCTS FOUNDED in 1850 TODAY • Marking Products • Industrial Technologies • Printing Plates • SGK Brand Solutions • Bronze Plaques • Memorialization © 2019 Matthews International Corporation. All Rights Reserved. 6
Slide 7: Matthews Growth
MATTHEWS GROWTH ANNUAL SALES ($M) ANNUAL DIVIDENDS / SHARE $1,800 $0.90 $1,600 $0.80 $1,400 $0.70 $1,200 $0.60 $1,000 $0.50 $800 $0.40 $600 $0.30 $400 $0.20 $200 $0.10 $0 $0.00 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201
Slide 8: Global products and services across diverse businesses
GLOBAL PRODUCTS AND SERVICES ACROSS DIVERSE BUSINESSES AMERICAS EUROPE ASIA-PACIFIC / OTHER 67% 28% 5% 11,000 EMPLOYEES | 6 CONTINENTS © 2019 Matthews International Corporation. All Rights Reserved. 8
Slide 9: Matthews Today: leading position in stable markets
MATTHEWS TODAY LEADING POSITION IN STABLE MARKETS Primarily #1 or #2 in markets where we compete or positioning to be there Stable markets High customer retention rates New product development and innovation of existing products Strong cash flow and history of annual dividend increases Target 14% re
Slide 10: Stable Performance
STABLE PERFORMANCE ($ in millions, except EPS) Sales Net Income $1,603 $1,480 $1,516 $107.1 $66.2 $73.9 FY2016 FY2017 FY2018 FY2016 FY2017 FY2018 EPS & Adjusted EPS(1) Adjusted EBITDA(1) and Margin(1) Adj EPS EPS $3.96 $255.1 $3.38 $3.60 $239.6 $238.7 $3.37 $2.03 $2.28 16.2% 15.7% 15.9% FY2016 FY201
Slide 11: Consistent Cash Generation
CONSISTENT CASH GENERATION ($ in millions) $149.3 $147.6 $140.3 $41.7 $44.9 $43.2 $24.6 $19.4 $21.8 FY2016 FY2017 FY2018 Operating Cash Flow Dividends CapEx © 2019 Matthews International Corporation. All Rights Reserved. 11
Slide 12: Segment Contributions
SEGMENT CONTRIBUTIONS ($ in millions) SGK INDUSTRIAL BRAND SOLUTIONS MEMORIALIZATION TECHNOLOGIES (1) FY2018 Sales Consolidated: $1,602.6 FY2018 Adjusted EBITDA Consolidated: $255.1 (Dollars in thousands) Fiscal Year Memorialization SGK Brand Ended 40% Solutions September 30, 50% 2018 Adjusted EBITD
Slide 13: SGK Brand Solutions Overview
SGK BRAND SOLUTIONS OVERVIEW REVENUES Brand/Marketing Execution Services • Creative Design Tooling • Artwork Production (reprographic / pre-press) Merchandising • Tooling (printing plates) • Merchandising Creative Design FY2018 Financial Results • Sales: $805.3 million • Adjusted EBITDA(1): $150.2 m
Slide 14: SGK Brand Solutions: Servicing Global and Regional Clients
SGK BRAND SOLUTIONS SERVICING GLOBAL AND REGIONAL CLIENTS FOOD/ GLOBAL GLOBAL OTHER • Longstanding relationships with BEVERAGE PHARMACEUTICAL RETAILER LEADING a large, blue chip customer base CLIENTS CLIENTS CLIENTS BRANDS consisting of many Fortune 100 and Fortune 50 companies • “Strategic” relatio
Slide 15: SGK Brand Solutions: Differentiators, Trends, Strategy
SGK BRAND SOLUTIONS DIFFERENTIATORS TRENDS STRATEGY • Global footprint, regional • Branded vs. private label • Maximize cash flow via low relationships difficult to reproduce single-digit organic revenue • Centralizing, with local adoption growth, acquisition synergies, • #1 global market share • On
Slide 16: Memorialization Overview
MEMORIALIZATION OVERVIEW REVENUES Caskets, Memorials, Cremation Equipment • #1 – Bronze and granite markers Bronze & Granite • #2 – Caskets Memorials • #1 – Cremation equipment Caskets The Super Power Pak III Plus cremation unit has some of FY2018 Financial Results the most advanced features Cremati
Slide 17: Memorialization: Differentiators, Trends, Strategy
MEMORIALIZATION DIFFERENTIATORS TRENDS STRATEGY • #1 / #2 market positions • Population growth… • Maximize cash flow via low increasing deaths single digit organic revenue • Distribution footprint growth, acquisition synergies, • Long-term cultural shift from operational improvements • Breadth of pr
Slide 18: Industrial Technologies Overview
INDUSTRIAL TECHNOLOGIES OVERVIEW Products & Services • Product Identification Equipment / Consumables • Warehouse Automation • Applied Technologies High Growth, Disruptive Opportunities FY2018 Financial Results • Sales: $165.9 million • Adjusted EBITDA(1): $25.9 million, 15.6% of sales • Product dev
Slide 19: Industrial Technologies: Differentiators, Trends, Strategy
INDUSTRIAL TECHNOLOGIES DIFFERENTIATORS TRENDS STRATEGY • Broad marking product offerings, • New product development focus • Product development to disrupt including equipment, inks and on total cost of ownership market place service • Growth in e-commerce • Proprietary software to facilitate • Lead
Slide 20: Value Creation
VALUE CREATION ORGANIC • Expanding market penetration with existing products • Synergies and manufacturing / cost structure improvements • New product introductions ACQUISITIONS • Support segment business plans; fill product / geographic gaps • Leverage existing operating infrastructure • Achieve lo
Slide 21: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES Debt Reduction • $7.3 million reduction in Q2 FY2019 Capitalization (in millions) • 3.8x Net debt: Adjusted EBITDA(1) based on LTM 3/31/19 • Target less than 3x Adjusted EBITDA(1) $1,829.3 $1,823.2 Annualized Cash Dividend (current) • $0.80 per share for FY2019 $868.7 $
Slide 22: Investment Highlights
INVESTMENT HIGHLIGHTS LEADING MARKET POSITIONS STRONG CASH FLOW STABLE END MARKETS TRACK RECORD OF SUCCESSFUL ACQUISITION INTEGRATION © 2019 Matthews International Corporation. All Rights Reserved. 22
Slide 25: Who We Are
WHO WE ARE $805M Business Overview ANNUAL REVENUE Revenues Tooling Merchandising AMERICAS EMEA APAC Creative 4 countries 14 countries 7 countries Design 24 locations 32 locations 13 locations 240 on-site staff 195 on-site staff 40 on-site staff Artwork Production 25/6 28+ 69 475 7,000 Countries/Cont
Slide 27: Packaging Production: Our Core Business
PACKAGING PRODUCTION: OUR CORE BUSINESS From Logo To Shelf BRAND BRAND ASSETS, PACKGAING LAYOUT, COLOR CONTROL PRINTED CREATIVE CLIENT & LEGAL PRODUCTION ART & & PRINT TOOLING PACKAGING SKU’s & DESIGN INPUTS COLOR SEPERATION start © 2019 Matthews International Corporation. All Rights Reserved. 27
Slide 28: Extending Our Core Business
EXTENDING OUR CORE BUSINESS From Shelf To Experience displays circular in-store print events digital out of home social © 2019 Matthews International Corporation. All Rights Reserved. 28
Slide 30: Broad Capabilities on a Global Scale
BROAD CAPABILITIES ON A GLOBAL SCALE Creative Design Artwork Production Tooling 18 of the top 25 1,000,000+ 190,000 Global CPGs are SGK clients Unique elements Print gravure produced for packaging cylinders produced © 2019 Matthews International Corporation. All Rights Reserved. 30
Slide 31: Technology as a Key Differentiator
TECHNOLOGY AS A KEY DIFFERENTIATOR We Envision Our Technology As An Enabler Of The Most Productive Marketing Ecosystems On The Planet. • Enable rapid response to changes Proprietary Software SAP in the marketplace • Enables direct client interaction Enables data • Allows the systematic delivery • Su
Slide 34: Creative Brand Extension
CREATIVE BRAND EXTENSION KitKat needed a new strategy to reach millennial travelers around the world. Following the creation of an updated brand identity we successfully created the entire line for a unified, quality, appearance on shelf. We built awareness beyond the shelf through a digital campaig
Slide 35: Creative Brand Identity
CREATIVE BRAND IDENTITY When Accor transformed from hotel operator to lifestyle ecosystem with a strategy of ‘augmented hospitality’ we created a new brand platform, portfolio, architecture and visual brand world. We can strategically position existing brands to reach new audiences or help launch ne
Slide 36: Merchandising Expertise
MERCHANDISING EXPERTISE Dick’s Sporting Goods, collaborated with The North Face, for a bold refresh of their in-store showcase redesign. They wanted to blow-up the existing shop concept and completely reimagine it as an elevated cold weather destination. Immersive brand experiences create sharable m
Slide 37: Scaled Global Production
SCALED GLOBAL PRODUCTION Producing 6,000 SKUs across 100 countries, the goals of this project were to flawlessly adapt our client’s strategic design intent in order to drive Colgate brand consistency around the world. 6,000 SKUs 100 Countries 1-Year Deployment RESULTS We simplified and standardized
Slide 38: Scaled Global Production: Own-Brand
SCALED GLOBAL PRODUCTION OWN-BRAND We partnered with ALDI US to create their beautiful new baby brand “Little Journey” by delivering our end-to-end model across a wide range of products, covering both food and non-food. This exciting opportunity used the full strength of Equator’s end-to-end offerin
Slide 39: Creative Production Outsourcing
CREATIVE PRODUCTION OUTSOURCING when you join We partnered with SKY UK to build an in-house studio that transformed their ability to compete more effectively. Our consulting team audited their current marcom ecosystem, diagnosed redundancies and re-engineered processes. Join online today Search Sky
Slide 40: Tooling
TOOLING 10 Global Production Facilities 190,000 Gravure Cylinders Per Year ~3,000,000 Square Feet Of Flexographic Plates Per Year Original design, development, production, color management, customized printing plates and cylinders for all conventional printing procedures. Roller systems especially m
Slide 42: Market Overview
MARKET OVERVIEW Market Drivers And Industry Trends Our Response Zero-based budgeting across global CPGs Continued investment in technology drives continuing to redefine marketing budgets. automation and efficiency. The trend of centralization now being Additional geographic expansion drives balanced
Slide 44: Tooling Expertise
TOOLING EXPERTISE Taking Ideas To Finished Products. We are a leading global designer and supplier of rotary tools and services for printing, texturing and converting of packaging and other web-based materials. © 2019 Matthews International Corporation. All Rights Reserved. 44
Slide 48: Tobacco Packaging
TOBACCO PACKAGING Applications Embossing and Tax label lacquers converting Tipping Inserts Packaging design Micro text Security items Printed poly & hidden images bags © 2019 Matthews International Corporation. All Rights Reserved. 48
Slide 50: Security Features Portfolio
SECURITY FEATURES PORTFOLIO MICRO HIDDEN TEXT/ELEMENTS IMAGES LASER POLISHING GUILLOCHES COMBINED DIGITAL AND PRINTED SECURITY FEATURES HOLOGRAPHIC SPECIALIZED PRINTING EFFECTS CYLINDERS FOR • INTAGLIO PRINTING • SPECIAL PIGMENTS/INKS • DEMETALLIZATION © 2019 Matthews International Corporation. All
Slide 58: Surfaces
SURFACES We Are The Company That Creates The Look, Touch And Function Of The Products In Our Everyday Life • Home • Automotive & Fashion • Energy • Glass • Metal • Nonwovens • Tissue • Plastics Inspired by design. • Coating Driven by technology. © 2019 Matthews International Corporation. All Rights
Slide 65: Engineering: Core Products and Services
ENGINEERING Core Products And Services We are a reliable and innovative provider for standard and special models of calenders and systems. • Specialty, Purpose-built Machinery • Automation Advancements • Contract Manufacturing • Technical Rollers • Research & Development • Laboratory Calenders © 201
Slide 68: Global Footprint Close to Our Customers
GLOBAL FOOTPRINT CLOSE TO OUR CUSTOMERS ALL OVER THE WORLD Germany Russia Vreden Veliky Moenchengladbach Novgorod Grenzach-Wyhlen Poland Indonesia Poznan Surabaya Warsaw (coming soon) Nigeria Turkey Ibadan Izmir Istanbul USA Burlington, NC Milwaukee, WI © 2019 Matthews International Corporation. All
Slide 69: Global Perspective, Regional Growth Paths
GLOBAL PERSPECTIVE REGIONAL GROWTH PATHS Reliability, excellence and innovation are interwoven in Matthews. We owe this global strength to our ability to identify market trends at an early stage and to develop forward- looking products for our business operations across all borders • USA • LatAm • R
Slide 71: Innovative Strength
INNOVATIVE STRENGTH Exclusive Technology And Sophisticated Know How Through our ingenuity and creativity we create unique solutions and find better ways every day. With a view on the trends of tomorrow, current developments are continuously adapted to the needs of the market. We hold more than 100 p
Slide 73: Brian Dunn and Paul Jensen: Industrial Technologies
BRIAN DUNN Executive Vice President, Strategy & Corporate INDUSTRIAL Development TECHNOLOGIES PAUL JENSEN Division President, Industrial Technologies © 2019 Matthews International Corporation. All Rights Reserved.
Slide 74: Industrial Technologies
INDUSTRIAL TECHNOLOGIES 2018 Revenue $165.9M Revenues Warehouse Automation Software and control solutions for retail and Product Warehouse e-commerce distribution centers. Identification Automation Product Identification Marking and coding solutions for product identification, branding and traceabil
Slide 77: E-Commerce Order Flow
E-COMMERCE ORDER FLOW Online Order ERP Warehouse Management System SAP | Oracle | Manhattan Warehouse Execution Software and Control Systems by Matthews Matthews WES/WCS Pick Sort Pack Ship © 2019 Matthews International Corporation. All Rights Reserved. 77
Slide 78: Opportunities for Innovation
OPPORTUNITIES FOR INNOVATION Character Recognition Autonomous Vehicle Navigation RAF software sorts mail throughout the The market looks to Matthews as a trail blazer world. This technology can be applied to for applying robotics in fulfillment and distribution parcel sorting in warehouse automation
Slide 80: Autonomous Mobile Robots for Automated Order Fulfillment
AUTONOMOUS MOBILE ROBOTS FOR AUTOMATED ORDER FULFILLMENT • Navigates off natural features in environment • Customizable for material handling requirements • Synchronized with operator and pick / put systems © 2019 Matthews International Corporation. All Rights Reserved. 80
Slide 81: U.S. Warehouse Automation
U.S. WAREHOUSE AUTOMATION 80,000 Estimated 2018 Software & Controls (in thousands) 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Daifuku Co. Ltd. KION Group Toyota Company Honeywell Matthews Japan Germany Japan Daifuku Dematic Vanderlande Lightning Pick Brands Intelligrated Wynright Egemin Bast
Slide 84: Small Character Opportunity
SMALL CHARACTER OPORTUNITY Estimated Total Marking and Coding Industry $3.8 Billion in 2019 Matthews Drop Market A Market Leader on Opportunity Demand $1.8 Billion 28% Continuous Inkjet Market Segments 46% Print & Apply 11% Limited Offering Laser 15% Source: Technavio Report © 2019 Matthews Internat
Slide 85: New Technology Value Proposition
NEW TECHNOLOGY VALUE PROPOSITION CIJ Print Head New Technology Jetting Assembly Sleeve Up to 75% Lower Cost Improved Reliability Downtime Reduced to Minutes of Ownership © 2019 Matthews International Corporation. All Rights Reserved. 85
Slide 86: Growth Strategies
GROWTH STRATEGIES Organic Acquisitions New Growth TheTechnology Opportunity $1.8 Billion • Low-Mid • New • New single digits products available • Geographic markets expansion © 2019 Matthews International Corporation. All Rights Reserved. 86
Slide 87: Additional Fields of Use
ADDITIONAL FIELDS OF USE Life Printed The Opportunity Sciences Electronics $1.8 Billion 3D Printing Airflow Source: Technavio Report © 2019 Matthews International Corporation. All Rights Reserved. 87
Slide 88: Steve Gackenbach and Brian Dunn
STEVE GACKENBACH Group President BRIAN DUNN Executive Vice President, Strategy & Corporate Development © 2019 Matthews International Corporation. All Rights Reserved.
Slide 89: Memorialization Overview
PRODUCT REVENUES Cemetery Funeral OVERVIEW Products Home Products v Largest supplier of memorialization products • Cemetery Products: Bronze and Granite Memorials Cremation Equipment • Funeral Home Products: Caskets & Service • Cremation Equipment • Other Cremation Products GEOGRAPHY v FY2018 Financ
Slide 90: Products and U.S. Market Position
PRODUCTS Cemetery Products Funeral Home Products Cremation Equipment Market Position (U.S.) Bronze Memorials - #1 Caskets - #2 Cremation Equipment - #1 Granite Memorials - #1 Core Geographies North America, Italy, Australia United States Global © 2019 Matthews International Corporation. All Rights R
Slide 91: Our Markets
OUR MARKETS Casketed Deaths vs. Total Deaths Estimated U.S. Market ~$2B* Cremation Equipment / * * Services Cremation Products / Other Caskets Granite Memorials Bronze Memorials Full-service provider – leading position across key Relatively stable demand driven by predictable trends: segments increa
Slide 92: Competitively Advantaged Market Position
COMPETITIVELY ADVANTAGED MARKET POSITION Business Scope Full-service provider to both funeral homes and cemeteries Commercial Strengths Operational Strengths v Market leader – strong brand and reputation v World class manufacturing network with Lean operating model v Deep customer relationships with
Slide 94: Key Strategies
KEY STRATEGIES v Pursue growth opportunities in memorialization v Drive operational excellence to manage cost and asset structure v Integrate and pursue tuck-in acquisitions © 2019 Matthews International Corporation. All Rights Reserved. 94
Slide 95: Pursuing Growth Opportunities in Core Markets: Cremation, Personalization
PURSUING GROWTH OPPORTUNITIES IN CORE MARKETS ADDRESSING CONSUMER TRENDS CREMATION PERSONALIZATION © 2019 Matthews International Corporation. All Rights Reserved. 95
Slide 96: Pursuing Growth Opportunities in Core Markets: Technology, Premium Segment
PURSUING GROWTH OPPORTUNITIES IN CORE MARKETS ADDRESSING CONSUMER TRENDS TECHNOLOGY PREMIUM SEGMENT © 2019 Matthews International Corporation. All Rights Reserved. 96
Slide 97: Drive Operational Excellence to Manage Cost and Asset Structure
DRIVE OPERATIONAL EXCELLENCE TO MANAGE COST AND ASSET STRUCTURE Manage Cost Structure to Improve EBITDA Margin v Continue to use proven Lean techniques to improve quality and reduce waste v Complete acquisition facility consolidations v Lever technology / automation Manage Assets to Deliver Strong C
Slide 98: Integrate Acquisitions and Pursue Tuck-in Opportunities
INTEGRATE ACQUISITIONS AND PURSUE TUCK-IN OPPORTUNITIES Aurora v Integration complete in 2019 v Consolidated four plants and 35 service centers v Integrated and upgraded product line and services v Generated $20M+ in EBITDA synergies Star v Consolidated foundry operations v Driving granite growth an
Slide 99: Key Messages
KEY MESSAGES Full-service provider with industry leading positions, significant barriers to entry and advantaged capabilities Pursuing strategies to drive Adjusted EBITDA growth in stable market Track record of building business and successful acquisition integration Generate strong margins and pred
Slide 101: Overview
OVERVIEW • Matthews Environmental Solutions Division offers cremation equipment, supplies and incineration equipment for global customers • Cremation equipment is #1 worldwide with a large installed base to complement our position in the Casket and Bronze businesses • Base product revenue augmented
Slide 107: Reconciliation of Non-GAAP Final Measures
RECONCILIATION OF NON-GAAP FINAL MEASURES Included in this report are measures of financial performance that are not defined by generally accepted accounting principles in the United States (“GAAP”). The Company uses non-GAAP financial measures to assist in comparing its performance on a consistent
Slide 111: Segment Information
SEGMENT INFORMATION (Dollars in thousands) Fiscal Year Ended September 30, 2016 2017 2018 Sales: SGK Brand Solutions $ 755,975 $ 770,181 $ 805,274 Memorialization 610,142 615,882 631,392 Industrial Technologies 114,347 129,545 165,914 Consolidated Sales $ 1,480,464 $ 1,515,608 $ 1,602,580 Adjusted E

Matthews International — Investor Day (June 2019) on 6ix

Matthews International — Investor Day (June 2019)

Slide 1: Investor & Analyst Day June 19, 2019

Slide 2: Disclaimer

Slide 3: Agenda & Welcome

Slide 4: Joe Bartolacci and Steve Nicola

Slide 5: A market-leading global company serving consumer, memorialization and industrial markets

Slide 6: Rooted in identification products

Slide 7: Matthews Growth

Slide 8: Global products and services across diverse businesses

Slide 9: Matthews Today: leading position in stable markets

Slide 10: Stable Performance

Slide 11: Consistent Cash Generation

Slide 12: Segment Contributions

Slide 13: SGK Brand Solutions Overview

Slide 14: SGK Brand Solutions: Servicing Global and Regional Clients

Slide 15: SGK Brand Solutions: Differentiators, Trends, Strategy

Slide 16: Memorialization Overview

Slide 17: Memorialization: Differentiators, Trends, Strategy

Slide 18: Industrial Technologies Overview

Slide 19: Industrial Technologies: Differentiators, Trends, Strategy

Slide 20: Value Creation

Slide 21: Capital Allocation Priorities

Slide 22: Investment Highlights

Slide 23: Gary Kohl, SGK Brand Solutions

Slide 24: Who We Are: Overview

Slide 25: Who We Are

Slide 26: What We Do: Creative Design, Artwork Production, Tooling

Slide 27: Packaging Production: Our Core Business

Slide 28: Extending Our Core Business

Slide 29: How We Do It: Technology and Scale

Slide 30: Broad Capabilities on a Global Scale

Slide 31: Technology as a Key Differentiator

Slide 32: Who We Do It For: Clients and Case Studies

Slide 33: Blue Chip Brands Trust SGK

Slide 34: Creative Brand Extension

Slide 35: Creative Brand Identity

Slide 36: Merchandising Expertise

Slide 37: Scaled Global Production

Slide 38: Scaled Global Production: Own-Brand

Slide 39: Creative Production Outsourcing

Slide 40: Tooling

Slide 41: Market Overview: Market Review and Reaction

Slide 42: Market Overview

Slide 43: Greg Babe: Tooling Expertise

Slide 44: Tooling Expertise

Slide 45: Experience + Passion

Slide 46: What We Do: Packaging and Converting

Slide 47: Tobacco Packaging

Slide 48: Tobacco Packaging

Slide 49: Security Features

Slide 50: Security Features Portfolio

Slide 51: Embossing Tools

Slide 52: Embossing Tools

Slide 53: Cutting Tools

Slide 54: Cutting Tools

Slide 55: Flexo Plates

Slide 56: Flexo Plates

Slide 57: What We Do: Surfaces

Slide 58: Surfaces

Slide 59: Nonwovens

Slide 60: Tissue

Slide 61: Flooring

Slide 62: Automotive & Leather

Slide 63: Clean Energy

Slide 64: What We Do: Engineering

Slide 65: Engineering: Core Products and Services

Slide 66: Automotive & Leather Engineering

Slide 67: Global Footprint & Growth Paths

Slide 68: Global Footprint Close to Our Customers

Slide 69: Global Perspective, Regional Growth Paths

Slide 70: Innovations: In-House Developments

Slide 71: Innovative Strength

Slide 72: Break

Slide 73: Brian Dunn and Paul Jensen: Industrial Technologies

Slide 74: Industrial Technologies

Slide 75: Warehouse Automation

Slide 76: Warehouse Automation Customers

Slide 77: E-Commerce Order Flow

Slide 78: Opportunities for Innovation

Slide 79: Warehouse Automation