Business
Matthews International Announces Sale of Warehouse Automation Business for $230 million
Cash proceeds to be used to reduce debt and strengthen balance sheetFurther positions Company to deliver enhanced shareholder valueStrategic alternatives
About this update from Matthews International Corporation
[{"type":"text","content":"Cash proceeds to be used to reduce debt and strengthen balance sheetFurther positions Company to deliver enhanced shareholder valueStrategic alternatives review remains ongoing PITTSBURGH, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) (“Matthews” or the “Company”) today announced that the Company signed a definitive agreement for the sale of its Warehouse Automation business to Duravant LLC (“Duravant”), a global leader in engineered equipment and automation solutions. The Warehouse Automation business is part of the Company’s Industrial Technologies segment. Under the terms of the agreement, Matthews will receive total consideration of $230 million, representing cash consideration of $223.3 million plus the assumption of certain liabilities of the business. The total purchase price represents a compelling valuation multiple that is significantly accretive to Matthews' current trading range. The proceeds from the transaction, net of taxes and transaction costs, will be primarily used to significantly reduce outstanding debt, further strengthening the Company’s balance sheet and enhancing its capacity to pursue future strategic initiatives. The Warehouse Automation business generated sales of $72 million for fiscal 2025. Joseph C. Bartolacci, President and Chief Executive Officer of Matthews International, stated, “This transaction is a direct outcome of the strategic alternatives evaluation, reflecting our commitment to unlocking shareholder value and further reducing our debt toward our long-term net leverage ratio goal of 2.5x. J.P. Morgan conducted an extensive process for the Warehouse Automation business and, as a result, we determined that Duravant delivered the best value for our shareholders and provides a strong platform for the continued growth of this business.” Mr. Bartolacci added, “Following this announcement, the Company’s strategic alternatives review to enhance shareholder value creation remains ongoing.” The transaction is subject to regulatory approval and is expected to close before the end of the Company’s fiscal 2026 second quarter. About Matthews International Corporation Matthews International Corporation operates through two core global businesses – Industrial Technologies and Memorialization. Both are focused on driving operational efficiency and long-term growt...