Matthews International Corporation (NASDAQ: MATW) has entered into a definitive agreement to divest its Warehouse Automation business to Duravant LLC, a global provider of engineered equipment and automation technologies. The Warehouse Automation division operates within Matthews’ Industrial Technologies segment.
As per the agreement, Matthews will receive total proceeds of $230 million, which includes $223.3 million in cash along with Duravant’s assumption of certain liabilities. The transaction represents a strong valuation that exceeds the company’s current market multiples. Net proceeds, after taxes and related expenses, will be directed largely toward reducing outstanding debt—strengthening the company’s financial position and enabling greater flexibility for future strategic opportunities. The Warehouse Automation business recorded revenue of $72 million in fiscal year 2025.
“This transaction stems directly from our strategic review and underscores our commitment to delivering value for shareholders while working toward our long-term target net leverage ratio of 2.5x,” said Joseph C. Bartolacci, President and CEO of Matthews International. “J.P. Morgan oversaw a thorough process, and Duravant ultimately presented the most compelling value and an excellent platform to support this business’s continued growth.”
He added that the company’s broader strategic review aimed at enhancing shareholder value remains in progress. The sale is subject to regulatory approvals and is expected to close before the end of Matthews’ fiscal 2026 second quarter.
Matthews International operates two major global divisions—Industrial Technologies and Memorialization. Both focus on operational excellence, innovation, and strategic growth. The Industrial Technologies business, which evolved from the company’s original marking operations, delivers advanced precision technologies and intelligent systems to transform industrial processes.
The Memorialization segment provides memorials, caskets, and cremation and incineration equipment to cemetery and funeral home customers, supporting families through remembrance. The company also holds a significant stake in Propelis, a brand solutions enterprise formed through the merger of SGK and SGS & Co, offering creative, packaging, print, branded environments, and content services. Matthews International has over 5,400 employees across 19 countries on four continents.
DURAADuravant is a global manufacturer of advanced automation solutions serving food processing, packaging, material handling, and related industries. With more than 100 years of expertise, Duravant delivers high-performance technologies, integrated systems, and complete lifecycle services that improve productivity, efficiency, and safety for producers and logistics operators worldwide. Headquartered in Downers Grove, Illinois, the company supports clients in over 190 countries and unites a portfolio of leading brands under a shared commitment to reliability, innovation, and customer success.
