Barington Capital Group Statement on Matthews International's Sale of SGK Brand Solutions
NEW YORK, Jan. 8, 2025 /PRNewswire/ -- Barington Capital Group, L.P. ("Barington Capital") and certain of its affiliates (collectively "Barington" or "we"), a fundamental, value-oriented activist investor that beneficially owns approximately 1.9% of the outstanding common stock of Matthews International Corporation (NASDAQ: MATW) ("Matthews" or the "Company"), today issued the following statement in response to Matthews' planned sale of SGK Brand Solutions ("SGK"):
"Since 2022, Barington has urged Matthews to simplify its portfolio. Indeed, Barington has repeatedly proposed the sale of the Company's SGK segment, a poorly performing business that has resulted in a write down of more than $266.2 million under the Company's ownership. While we are pleased that the Company is taking this step today, it is unfortunate that it occurred only after Barington called for changes to Matthews' management and Board of Directors.
"We believe the SGK transaction not only highlights one of the many value-creating opportunities available to Matthews' shareholders, but also the importance of having Barington's nominees on the Matthews Board. We believe our nominees, if elected, will bring the fresh perspectives, as well as the financial, corporate strategy and turnaround expertise, that Matthews requires to maximize shareholder value."
For additional information regarding Barington's campaign at Matthews, visit: https://barington.com/matthews
ABOUT BARINGTON CAPITAL GROUP, L.P.
Barington Capital Group, L.P. is a fundamental, value-oriented activist investment firm established by James Mitarotonda in January 2000. Barington invests in undervalued publicly traded companies that Barington believes can appreciate significantly in value when substantive improvements are made to their operations, corporate strategy, capital allocation and 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.
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SOURCE Barington Capital Group, L.P.