Matthews International Corp. has completed the sale of its warehouse automation business to Duravant LLC for $232.1 million.
The Pittsburgh-based manufacturer, which is in the midst of a strategic review, said Matthews received $225.4 million in cash, plus the assumption of some of the warehouse automation business liabilities. The sale closed December 31, according to an announcement from Matthews.
“This transaction is a direct outcome of the strategic alternatives evaluation, reflecting our commitment to unlocking shareholder value and further reducing our debt toward our long-term net leverage ratio goal of 2.5x,” said Matthews International President/CEO Joseph C. Bartolacci in a prepared statement. “The total purchase price represents a compelling valuation multiple that is significantly accretive to Matthews’ current trading range. Following this announcement, the company’s strategic alternatives review to enhance shareholder value creation remains ongoing.”…