Sends Letter to Shareholders Outlining
Barington Capital's Four-Step Plan to Drive Long-Term Value
Creation at Matthews
Highlights Need for New Directors and a New
CEO Following Years of Share Price Underperformance, Poor
Operational Execution and Capital Allocation, Excessive
Spending and Empty Promises
Urges Shareholders to Vote the
GOLD Proxy Card
"FOR" ALL Barington
Capital Nominees
NEW
YORK, Jan. 10, 2025 /PRNewswire/ -- Barington
Capital Group, L.P. ("Barington Capital"), a fundamental,
value-oriented activist investor that, together with certain
affiliates (collectively "Barington" or "we") beneficially owns
approximately 1.9% of the outstanding common stock of Matthews
International Corporation (NASDAQ: MATW) ("Matthews" or the
"Company"), today announced that it has filed a definitive proxy
statement in connection with its nomination of Ana B. Amicarella, Chan
W. Galbato and James
Mitarotonda for election to the Matthews Board of Directors
(the "Board") at the Company's 2025 Annual Meeting of
Shareholders.
Additionally, Barington Capital is sending a letter to Matthews'
shareholders outlining why it believes change is required on the
Board and its proposed four-step plan to drive long-term value
creation at the Company. Barington's letter to shareholders and
definitive proxy statement can be found at:
https://barington.com/matthews.
James Mitarotonda, Chairman and
CEO of Barington Capital, said, "Matthews' Board and CEO have
consistently failed to deliver results for shareholders despite
repeated promises of value creation. After being unable and
unwilling to make any meaningful progress on the proposals we
presented to the Company over the last two years, Matthews recently
announced that it was pursuing one of our recommendations, the sale
of the SGK Brand Solutions segment. It is clear to us that the
Company took this step only after we called for the Board to
replace Mr. Bartolacci as CEO and our intention to commence a proxy
solicitation became evident. We believe that the recent
announcement underscores that the election of Barington's nominees
is critical to ensuring that the Board takes all steps necessary to
unlock the Company's full value potential.
"We believe Matthews' shareholders would meaningfully benefit
from new directors with fresh perspectives, significant business,
financial and corporate strategy experience, and a deep commitment
to putting shareholders' interests first. If elected, Barington's
nominees will be dedicated to working constructively with the
incumbent directors to improve the Company's corporate governance,
strategic focus, return on invested capital, and revenue growth in
pursuit of creating sustainable value for all Matthews'
shareholders."
VOTE GOLD TODAY TO DRIVE LONG-TERM VALUE
CREATION AT 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.
Media Contact:
Jonathan Gasthalter/Amanda Shpiner
Gasthalter & Co.
212-257-4170
Important Information and Participants in the
Solicitation
Barington has filed a definitive proxy statement and associated
GOLD proxy card with the Securities and Exchange Commission
("SEC") to be used to solicit votes for the election of its slate
of highly-qualified director nominees at the upcoming annual
meeting of stockholders of the Company. Details regarding the
Barington nominees and the participants in its solicitation are
included in its proxy statement and Barington strongly advises all
shareholders of the company to read the proxy statement and other
proxy materials as they contain important information.
The participants in Barington's proxy solicitation are
Barington, Barington Companies Investors, LLC, Barington Capital
Group, L.P., LNA Capital Corp., James
Mitarotonda, 1 NBL EH, LLC, Joseph
Gromek, Ana B. Amicarella and
Chan W. Galbato.
If you have any questions, require assistance in voting your
GOLD universal proxy card, or need additional copies of Barington's
proxy materials, please contact:
Okapi Partners
1212 Avenue of the Americas, 17th Floor
New York, NY 10036
Banks and Brokerage Firms, Please Call: (212) 297-0720
Shareholders and All Others Call Toll-Free: (877) 285-5990
E-mail: info@okapipartners.com
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content:https://www.prnewswire.com/news-releases/barington-capital-group-files-definitive-proxy-statement-for-matthews-internationals-2025-annual-meeting-302347955.html
SOURCE Barington Capital Group, L.P.