Company Overview - Barington Capital Group, L P, a value-oriented activist investor, owns approximately 1 9% of Matthews International Corporation's outstanding shares [1] - Matthews International Corporation is a publicly traded company on NASDAQ under the ticker MATW [1] Board and Governance Issues - The current Matthews Board is described as radically entrenched, long-tenured, and incapable of holding management accountable for 18 years of value erosion [1][2] - The Board has retained Joseph Bartolacci as CEO despite significant value destruction during his 18-year tenure [2] - Barington questions the Board's independence from management due to its composition and tenure [2] Proposed Changes - Barington proposes electing three new directors: Ana Amicarella, Chan Galbato, and James Mitarotonda [1] - The nominees bring substantial CEO experience, relevant sector expertise, and a commitment to shareholder value creation [1][3] - The new directors aim to enhance corporate governance, improve cash flow, focus businesses, and restore share price performance [3] Shareholder Action - Barington urges shareholders to vote using the GOLD Proxy Card to elect all three nominees [1] - The company has filed a definitive proxy statement with the SEC for the upcoming annual meeting [5][6] Investment Thesis - Barington believes the company is undervalued and can appreciate significantly with improvements in operations, corporate strategy, capital allocation, and governance [4] - The investment firm aims to unlock the value embedded within Matthews that originally attracted their investment in 2022 [4]

PITTSBURGH, Jan. 10, 2025 (GLOBE NEWSWIRE) -- Matthews International Corporation (Nasdaq GSM: MATW) today announced plans to release its first quarter fiscal year 2025 earnings results after the market closes on Thursday, February 6, 2025. The Company will host a conference call and webcast to review the financial and operating results for the period and discuss its outlook. Participating in the call will be Joseph C. Bartolacci, President and CEO and Steven F. Nicola, Chief Financial Officer. A question-an ...

Sends Letter to Shareholders Outlining Barington Capital's Four-Step Plan to Drive Long-Term Value Creation at Matthews Highlights Need for New Directors and a New CEO Following Years of Share Price Underperformance, Poor Operational Execution and Capital Allocation, Excessive Spending and Empty Promises Urges Shareholders to Vote the GOLD Proxy Card "FOR" ALL Barington Capital Nominees NEW YORK, Jan. 10, 2025 /PRNewswire/ -- Barington Capital Group, L.P. ("Barington Capital"), a fundamental, value-oriente ...

PITTSBURGH, Jan. 10, 2025 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) ("Matthews" or the "Company") today announced that it has filed definitive proxy materials with the Securities and Exchange Commission ("SEC") in connection with its upcoming Annual Meeting of Shareholders scheduled to be held on February 20, 2025. In conjunction with the definitive proxy filing, Matthews is mailing a letter to the Company's shareholders. Highlights from the letter include: Under the Board an ...

The Consumer Staples group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Matthews International (MATW) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.Matthews International is one of 181 companies in the Consumer Staples group. The Consumer Staples group currently sits at #10 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring t ...

Stock Performance - Matthews International (MATW) shares rallied 14.5% in the last trading session to close at $31.03, driven by notable trading volume [1] - This compares to the stock's 12.5% loss over the past four weeks [1] - Carriage Services (CSV), another stock in the Funeral Services industry, closed the last trading session 1.1% higher at $39.35 [5] - Over the past month, CSV has returned -2.1% [5] Recent Developments - Matthews International's shares got a boost from its agreement to sell its stake in SGK Brand Solutions to a newly created entity formed by affiliates of SGS & Co [2] - The deal is expected to help Matthews International reduce debt and streamline operations [2] Earnings and Revenue Expectations - Matthews International is expected to post quarterly earnings of $0.26 per share, representing a year-over-year change of -29.7% [3] - Revenues are expected to be $428.36 million, down 4.8% from the year-ago quarter [3] - The consensus EPS estimate for Matthews International has remained unchanged over the last 30 days [5] - Carriage Services' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.51 [6] - Compared to the company's year-ago EPS, this represents a change of -33.8% [6] Industry and Rankings - Matthews International belongs to the Zacks Funeral Services industry [5] - The stock currently carries a Zacks Rank 2 (Buy) [5] - Carriage Services currently boasts a Zacks Rank of 3 (Hold) [6] Market Trends - Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements [4] - A stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions [5]

NEW YORK, Jan. 8, 2025 /PRNewswire/ -- Barington Capital Group, L.P. ("Barington Capital") and certain of its affiliates (collectively "Barington" or "we"), a fundamental, value-oriented activist investor that beneficially owns approximately 1.9% of the outstanding common stock of Matthews International Corporation (NASDAQ: MATW) ("Matthews" or the "Company"), today issued the following statement in response to Matthews' planned sale of SGK Brand Solutions ("SGK"): "Since 2022, Barington has urged Matthews ...

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Transaction Overview - Matthews International Corporation will sell its interest in SGK Brand Solutions to a newly formed entity created by affiliates of SGS & Co, combining SGK and SGS [7] - The transaction involves $350 million in total upfront consideration, including $250 million in cash, $50 million in preferred equity, and $50 million in retained trade receivables [8] - Matthews will retain a 40% interest in the new entity, which has an initial enterprise value of approximately $900 million, representing an adjusted EBITDA multiple of 9x [7][8] Financial Impact - The new entity is projected to realize over $50 million in annual cost synergies over a 30-month integration period [9] - Matthews plans to use the $250 million cash proceeds primarily for immediate debt repayment, with future consideration also directed toward reducing debt [10] - Following the transaction, Matthews will account for its investment in the new entity using the equity basis of accounting, ceasing full consolidation of SGK in its financial statements [10] Strategic Rationale - The transaction aligns with Matthews' strategy to streamline its business structure and maximize shareholder value by focusing on core operations [11] - The deal provides a path for a full exit from the SGK business at a strong valuation while prioritizing debt reduction [11] - The integration of SGK and SGS is expected to create significant value through synergies and operational efficiencies [9] Leadership and Integration - Gary R Kohl, current President of SGK, will lead the new entity as CEO, while Matthew T Gresge, CEO of SGS, will serve as Executive Chairman of the Board [9] - The leadership team will work closely to ensure a smooth integration of the combined businesses [9] Transaction Timeline and Conditions - The transaction is expected to close in mid-2025, subject to customary closing conditions, including regulatory approvals [11] Advisors - J P Morgan Securities LLC is serving as financial advisor to Matthews, with K&L Gates as lead transaction counsel and Covington & Burling LLP as antitrust counsel [12] - Orrick, Herrington & Sutcliffe is serving as legal counsel to SGS on the transaction [12] Company Profiles - SGS & Co is a global brand agency with nearly 4,800 associates across 30+ countries, delivering speed and quality brand work through technology and teams [4] - SGK Brand Solutions is a leading provider of brand creation, activation, and stewardship services across various market verticals, including food and beverage, home and personal care, and lifestyle [13] - Matthews International Corporation is a global provider of memorialization products, industrial technologies, and brand solutions, with over 11,000 employees in more than 30 countries [14]

Nominations Follow Years of Stock Price Underperformance, Unacceptable Capital Allocation, Poor Execution, and Excessive Spending at Matthews Believes Director Candidates Have the Skills, Experience, and Commitment to Shareholders Required to Enhance Long-Term Value Calls for a New, Credible CEO and a Refreshed, Declassified Board Committed to Holding Management Accountable NEW YORK, Dec. 19, 2024 /PRNewswire/ -- Barington Capital Group, L.P. ("Barington Capital") and certain of its affiliates (collectively ...