Shareholders elected the company's director nominees to the Board of Matthews International (MATW)
Key Summary: On December 10, 2024, Barington Capital Group (2%) called for replacing Matthews International CEO Joseph Bartolacci over 18 years of underperformance, nominating three directors for the 2025 Board. It urged divestments, focusing on Memorialization, boosting cost cuts to $80M, reducing debt, and improving governance to unlock shareholder value. On January 8, 2025, Matthews International agreed to sell SGK Brand Solutions to an SGS & Co entity. Barington Capital, which pushed for this move since 2022, welcomed the sale after a $266.2 million write-down. At the AGM held on February 20, 2025, shareholders elected the company's director nominees to the Board.
Market Cap: $767 million | Matthews International Corporation provides brand solutions, memorialization products, and industrial technologies worldwide.
- On December 10, 2024, Barington Capital Group (2%) has urged the company to replace CEO Joseph Bartolacci, citing prolonged underperformance during his 18-year tenure. Barington has nominated three directors for the 2025 Board election and outlined recommendations, including divesting underperforming segments, focusing on high-potential businesses like Memorialization, increasing cost reductions to $80M, reducing debt, and enhancing corporate governance with experienced directors and a declassified Board. Barington believes these actions, coupled with new leadership, are essential to unlocking Matthews' long-term shareholder value. Source
- On December 19, 2024, Barington Capital Group filed proxy materials seeking support for its nominees.
- On January 2, 2025, Barington Capital Group filed proxy materials seeking support for its nominees.
- On January 8, 2025, the company has entered into a definitive agreement to sell its SGK Brand Solutions segment to a newly formed entity created by SGS & Co affiliates, which will merge SGK with SGS. Barington Capital welcomed the decision to sell the underperforming SGK Brand Solutions, a move it has advocated since 2022. Barington noted the sale, following a $266.2 million write-down, came only after its push for management and Board changes. Source
- On January 21, 2025, Barington Capital issued a press release and a letter to Matthews International shareholders, urging them to vote for its director nominees—Ana Amicarella, Chan Galbato, and James Mitarotonda.
- On January 21, 2025, Barington Capital issued a presentation expressing its views on the company. Barington Capital Group highlighted the company's substantial embedded value, estimating the potential worth of its core businesses at $44-57 per share, excluding any value from its Energy Storage segment. This valuation incorporates insights from the recent SGK Brand Solutions transaction, valuing that specific business within Matthews at $21-23 per share.
- On January 21, 2025, Barington Capital issued a presentation expressing its views on the company.
- On January 28, 2025, Barington Capital announced that Egan-Jones recommended Matthews International shareholders vote "FOR" all of Barington’s director nominees at the upcoming Annual Meeting. Egan-Jones also advised withholding votes for Matthews’ current nominees and rejecting the company’s other proposals. Source
- On February 7, 2025, Barington Capital announced that ISS has recommended that shareholders vote on the GOLD proxy card “FOR” the election of ALL of Barington’s highly skilled director nominees scheduled to be held February 20, 2025. Source
- On February 10, 2025, Barington Capital announced that Glass Lewis, a leading proxy advisory firm, joined ISS and Egan-Jones in recommending Matthews International shareholders vote the GOLD proxy card “FOR” all of Barington’s director nominees
- At the AGM held on February 20, 2025, shareholders elected the company's director nominees to the Board.
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