Barington Capital pushes for CEO, board changes at Matthews International

Matthews International

10/12/2024 14:53

** Shares of memorialization products and industrial
technologies provider Matthews International  MATW.O  down 1% at
$29.61
    ** Activist investor Barington Capital Group says there is
an immediate need for new leadership at the company, in a letter
to the MATW chairman, Alvaro Garcia-Tunon
    ** Barington calls for "prompt replacement" of CEO Joseph
Bartolacci  
    ** Activist investor owns about 2% of the outstanding common
stock of Matthews, according to the release dated Tuesday
    ** Barington nominates three individuals for election to the
board at the co's 2025 annual meeting of shareholders
    ** Barington also recommends Matthews to explore options to
divest its "poorly performing SGK Brand Solutions segment"
    ** "We are concerned about the company's investment in dry
cell lithium-ion battery manufacturing equipment," Barington
adds
    ** Shares of down ~18% YTD

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.Chaudhary@thomsonreuters.com))