PITTSBURGH, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Matthews International Corporation (Nasdaq GSM: MATW) (“Matthews” or “the Company”) today provided an update on the ongoing business dispute involving Tesla.

Matthews International said an arbitrator ruled in its favor in a lawsuit between the company and electric vehicle maker Tesla. The electric vehicle battery supplier said the arbitrator acknowledged its background that predates Tesla and that it has the right to sell its solutions to customers other than the electric vehicle maker.

Matthews International (NASDAQ:MATW) rose 6% after the company said it had a positive ruling in an ongoing business dispute with Tesla (TSLA). An arbitrator ruled that Matthews (NASDAQ:MATW) can sell its Dry Battery Electrode technology solutions to customers other than Tesla,

Thursday announced a favorable arbitration ruling in its dispute with Tesla, confirming its right to sell Dry Battery Electrode or DBE technology to customers beyond Tesla (TSLA). The ruling recognizes Matthews' expertise in DBE manufacturing and allows the company to expand its presence in the growing electric vehicle market.