Business
Matthews International Has the Right Strategy, the Right Board and the Right Management Team to Continue to Drive Long-Term, Sustainable Shareholder Value
Failure to Elect All Three of Matthews’ Director Nominees Will Lead to Short-Term Oversight by Individuals Who Have No Knowledge of Matthews’ Businesses Urges
About this update from Matthews International Corporation
[{"type":"text","content":"Failure to Elect All Three of Matthews’ Director Nominees Will Lead to Short-Term Oversight by Individuals Who Have No Knowledge of Matthews’ Businesses Urges Shareholders to Vote “FOR” All Three of Matthews’ Director Nominees on the WHITE Proxy Card and “WITHHOLD” on Barington’s Director Nominees PITTSBURGH, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Matthews International Corporation (Nasdaq GSM: MATW) (“Matthews” or the “Company”) today outlined the key reasons to vote on the WHITE proxy card for all three of the Company’s director nominees – Terry L. Dunlap, Alvaro Garcia-Tunon and J. Michael Nauman. Not only does Matthews have the right strategy and the right team in place – with changes made and actions underway that reflect the feedback we have received from our long-term shareholders – but failure to elect all three of the Company’s director candidates will lead to a level of short-term thinking from Barington Capital that will destroy shareholder value over time. The Board’s strategic alternatives process for the Company’s portfolio of businesses – which began before Barington even became a shareholder – is already driving results, with more to come in 2025. This process has resulted in the sale of SGK Brands Solutions to a new joint venture, in which Matthews will receive substantial up-front consideration of $350 million and a 40% common equity stake that permits additional benefits from synergy-driven value creation in the future, as well as a letter of intent for the sale of the remaining operating businesses within the SGK Brand Solutions reporting segment for $50 million. Matthews expects to announce several additional strategic initiatives over the course of 2025 that will help drive shareholder value.Matthews developed its groundbreaking dry battery electrode (“DBE”) solutions nearly 15 years ago to address the growth potential of the Energy Storage Solutions end market, and vigorously defended its ownership of these solutions against Tesla for the benefit of long-term shareholders. This level of commitment and long-term thinking will be lost if Barington Capital’s nominees are elected. The Matthews Board initiated confidential arbitration over a year ago to decide its rights to continue selling its DBE solutions to customers, without which rights the Company would not have a viable energy business. The arbitrator recent...