Matthews International Partners with Barington Capital to Enhance Governance and Shareholder Value

Matthews International Strengthens Governance Through Collaboration with Barington Capital

Matthews International Corporation announces a significant development as it reaches an agreement with Barington Capital, leading to the withdrawal of Barington's previously submitted director nominations. This collaboration follows an extensive dialogue between the two parties, focusing on enhancing corporate governance and aligning strategies aimed at bolstering Matthews' long-term value. Alvaro Garcia-Tunon, Chairman of Matthews, expresses his satisfaction with this constructive resolution, which reflects a commitment to shareholder interests and positions the company for future growth.

The engagement with Barington Capital has proven instrumental for Matthews International, allowing the company to gain valuable insights into corporate governance best practices. CEO Joseph C. Bartolacci emphasizes the ongoing efforts to streamline Matthews' business operations and improve its governance framework over the past year. The constructive dialogue with Barington underscores Matthews' dedication to maximizing shareholder value, as both entities recognize the necessity of strategic governance enhancements in today's competitive market landscape.

As part of the agreement, Barington will adhere to standstill provisions and further restrictions, the details of which will be disclosed in a Current Report on Form 8-K with the U.S. Securities and Exchange Commission. This strategic partnership reflects Matthews International's dual focus on operational efficiency and growth through innovation, particularly within its two core business segments: Industrial Technologies and Memorialization. The Industrial Technologies segment has established itself as a global leader in precision technologies, while the Memorialization segment continues to provide essential products, including memorials and cremation equipment, to cemeteries and funeral homes.

In addition to the governance enhancements, Matthews International is advised by J.P. Morgan Securities LLC and Sidley Austin LLP, ensuring that the company is well-supported in its strategic initiatives. Meanwhile, Barington Capital is represented by Olshan Frome Wolosky LLP, indicating a robust framework for collaboration between the two organizations as they work toward shared goals.

This agreement marks a crucial step for Matthews International as it navigates the complexities of corporate governance and strategic growth. The partnership not only reflects a commitment to enhancing shareholder value but also positions the company favorably within its industry, paving the way for continued innovation and operational excellence.