Matthews Intl Corp - MATW STOCK NEWS

Barington Capital, owning 1.9% of Matthews International (NASDAQ: MATW), has sent a letter to shareholders criticizing the company's recent 68-page investor presentation and management's approach. The activist investor highlights what it describes as Matthews' 'longstanding culture of deceit' and argues that the status quo is unsustainable.

Barington claims Matthews has failed over the past 18 years to take meaningful action in simplifying its portfolio, conducting strategic reviews, reducing costs and debt, or addressing Board independence. The investor group is pushing for the election of Ana Amicarella, Chan Galbato and James Mitarotonda to Matthews' Board of Directors, arguing these changes are important for unlocking the company's full value potential.

Matthews International (MATW) has announced its Board of Directors has declared a quarterly dividend of $0.25 per share on the Company's common stock. The dividend will be payable on February 24, 2025, to stockholders of record as of February 10, 2025. This declaration was made during the board's regularly scheduled meeting on January 29, 2025.

Matthews International (MATW) has filed an investor presentation ahead of its February 20, 2025 Annual Meeting, highlighting its strategic initiatives and urging shareholders to vote for its three director nominees. The company emphasizes several key achievements, including:

The company has returned approximately $490 million to shareholders through dividends and share repurchases since 2014, while implementing a cost reduction program targeting annual savings of up to $50 million. Matthews has agreed to sell SGK Brand Solutions for $350 million and expects to announce additional value-creation initiatives throughout fiscal 2025.

The Board, which collectively owns 3.3% of shares, has welcomed three new independent directors since 2020 and nominated a fourth for the 2025 annual meeting. The company opposes Barington's director nominees, citing their lack of relevant experience and understanding of Matthews' business operations.

Barington Capital Group, owning 1.9% of Matthews International (NASDAQ: MATW), has released a comprehensive presentation criticizing the company's performance and proposing changes to maximize shareholder value. The presentation highlights a prolonged period of shareholder value destruction under the current leadership.

The activist investor points to poor capital allocation, failed acquisitions, and ineffective capital expenditures under CEO Joseph Bartolacci's tenure since 2006. Barington estimates the company's businesses could have a combined value of $44-57 per share, excluding the Energy Storage business.

Barington recommends immediate actions including: board refresh, new CEO search, focus on value-creating businesses, and increased SG&A expense reduction. The firm has nominated three executives - Ana Amicarella, Chan Galbato, and James Mitarotonda - to the board and urges shareholders to vote the GOLD proxy card at the 2025 Annual Meeting.

Matthews International (MATW) has sent a letter to shareholders regarding the upcoming Annual Meeting on February 20, 2025, emphasizing their commitment to long-term value creation. The company recently announced the strategic sale of SGK Brand Solutions for $350 million in upfront consideration plus 40% equity in the combined business, valued at approximately $900 million.

The Board highlights that the SGK transaction, which began in 2019 and is expected to close by mid-2025, resulted in a 15% stock price increase upon announcement. The company plans to use the cash proceeds for debt reduction and is currently evaluating strategic alternatives for all businesses with J.P. Morgan's assistance.

The letter urges shareholders to vote for Matthews' three director nominees - Terry L. Dunlap, Alvaro Garcia-Tunon, and J. Michael Nauman - on the WHITE proxy card, opposing Barington Capital's nominees, whom they argue lack critical skills and focus on short-term gains.

Barington Capital, owning 1.9% of Matthews International (MATW), has sent a letter to shareholders promoting its three director nominees for the company's Board. The activist investor criticizes the current Board as entrenched and unable to hold management accountable for 18 years of value erosion under CEO Joseph Bartolacci.

The three nominees - Ana Amicarella, Chan Galbato, and James Mitarotonda - are presented as highly accomplished executives with relevant sector expertise and CEO experience. Barington argues these nominees will help enhance corporate governance, improve cash flow, focus business operations, and restore share price performance.

Barington is urging shareholders to vote using the GOLD proxy card in favor of all their nominees, emphasizing the need for change in leadership to unlock the company's embedded value.

Matthews International (MATW) has announced it will release its first quarter fiscal 2025 earnings results after market close on Thursday, February 6, 2025. The company will host a conference call and webcast on Friday, February 7, 2025, at 9:00 a.m. Eastern Time to discuss financial and operating results along with its outlook.

The conference call will feature President and CEO Joseph C. Bartolacci and CFO Steven F. Nicola, followed by a question-and-answer session. A transcript of the call will be made available in the Investor Relations section of the company's website after the event.

Barington Capital Group, owning approximately 1.9% of Matthews International (NASDAQ: MATW), has filed a definitive proxy statement nominating three directors - Ana B. Amicarella, Chan W. Galbato, and James Mitarotonda - for election to Matthews' Board at the 2025 Annual Meeting.

The activist investor has outlined a four-step plan for long-term value creation, criticizing the current Board and CEO for share price underperformance, poor operational execution, capital allocation, and excessive spending. Barington notes that Matthews recently announced the sale of its SGK Brand Solutions segment, implementing one of Barington's recommendations, but claims this action was taken only after pressure from their potential proxy solicitation.

Barington believes new directors with fresh perspectives and significant business experience are important for improving corporate governance, strategic focus, return on invested capital, and revenue growth.

Matthews International (MATW) has filed definitive proxy materials for its upcoming Annual Meeting on February 20, 2025. The company recently announced the sale of SGK Brand Solutions for $350 million, with $250 million in immediate cash proceeds intended for debt reduction. The transaction values SGK at approximately $900 million, representing a 9x EBITDA multiple.

The Board urges shareholders to vote 'FOR' their three director nominees - Terry L. Dunlap, Alvaro Garcia-Tunon, and J. Michael Nauman - on the WHITE proxy card, opposing Barington Capital's competing nominees. The company reported $1.8 billion in consolidated revenue for fiscal 2024 and is currently evaluating strategic alternatives for its portfolio, with several initiatives expected to be announced throughout fiscal 2025.

Matthews maintains that the SGK sale was planned before Barington's involvement and represents a strategic move to streamline the business structure while retaining a 40% ownership interest in the new entity, which expects to achieve $50 million in annual cost synergies.