Matthews International Enters Into Agreement With Barington
Matthews International Corporation (NASDAQ: MATW) has engaged Barington Capital Group as a consultant to support its strategic growth. This partnership involves Barington voting its shares in favor of Matthews' nominees at the upcoming 2023 Annual Shareholders’ Meeting. Joseph C. Bartolacci, CEO of Matthews, expressed appreciation for Barington's insights, while Barington's CEO, James A. Mitarotonda, aims to enhance shareholder value through collaborative efforts. Matthews operates in various sectors, including memorialization and industrial technologies, with a global workforce of about 12,000 employees.
- Engagement of Barington Capital as a strategic consultant to enhance growth.
- Barington has committed to vote in favor of Matthews' nominees, potentially strengthening governance.
- Dependence on external consultancy may indicate internal strategic challenges.
- Potential risks from economic factors affecting future performance, as noted in the forward-looking statements.
PITTSBURGH, Dec. 30, 2022 (GLOBE NEWSWIRE) -- Matthews International Corporation (“Matthews”) (NASDAQ GSM: MATW) today announced that it has entered into an agreement with Barington Capital Group, L.P., Barington Companies Equity Partners, L.P., and Barington Companies Management, LLC (collectively, “Barington”), pursuant to which Barington Companies Management, LLC will serve as a consultant to Matthews. Under the agreement, Barington has also agreed to vote all of its shares in favor of Matthews’ nominees at the 2023 Annual Shareholders’ Meeting.
Joseph C. Bartolacci, President and Chief Executive Officer, stated: “We have appreciated our discussions over the past year with Barington and their insights as a shareholder of Matthews. We look forward to their contributions as a consultant toward the Company’s continued growth.”
James A. Mitarotonda, Chief Executive Officer of Barington, commented: “We look forward to working constructively with the Board and Management to build value for the company and its shareholders.”
About Matthews International Corporation
Matthews International Corporation is a global provider of memorialization products, industrial technologies, and brand solutions. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets, cremation-related products, and cremation and incineration equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. The Industrial Technologies segment designs, manufactures, services and distributes high-tech custom energy storage solutions, product identification, and warehouse automation technologies and solutions. The SGK Brand Solutions segment is a leading provider of packaging solutions and brand experiences, helping companies simplify their marketing, amplify their brands and provide value. The Company has approximately 12,000 employees in more than 30 countries on six continents that are committed to delivering the highest quality products and services.
About Barington Capital Group, L.P.
Barington Capital Group, L.P. is a fundamental, value-oriented activist investment firm that was established by James A. Mitarotonda in January 2000. Barington invests in undervalued publicly traded companies that Barington believes can appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance. Barington's investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value. Barington has significant experience investing in companies across many industries.
Forward-looking Information
Any forward-looking statements contained in this release are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to be materially different from management’s expectations. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove correct. Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company's products, changes in mortality and cremation 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, ability to achieve cost-reduction objectives, unknown risks in connection with the Company's acquisitions, cybersecurity concerns, effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, 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 U.S. Securities and Exchange Commission.
Matthews International Corporation
Corporate Office
Two NorthShore Center
Pittsburgh, PA 15212-5851
Phone: (412) 442-8200
| Contact: | Steven F. Nicola | William D. Wilson | |
| Chief Financial Officer | Senior Director, | ||
| and Secretary | Corporate Development |
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