Barington Capital Believes Electing
Ana Amicarella, Chan Galbato and James
Mitarotonda to the Matthews Board Will Best Position the
Board to Unlock the Value Embedded Within the Company
Current Board is Radically Entrenched, Long
Tenured and Incapable of Holding Management Accountable for 18
Years of Value Erosion
Urges Shareholders to Vote the
GOLD Proxy Card
"FOR" the Election of
ALL of Barington Capital's Nominees
NEW
YORK, Jan. 21, 2025 /PRNewswire/ -- Barington
Capital Group, L.P. ("Barington Capital"), a fundamental,
value-oriented activist investor that, together with the other
participants in its solicitation (collectively "Barington" or
"we"), beneficially owns approximately 1.9% of the outstanding
shares of common stock of Matthews International Corporation
(NASDAQ: MATW) ("Matthews" or the "Company"), today sent a letter
to the Company's shareholders highlighting the Barington director
nominees' substantial CEO experience, relevant sector expertise and
commitment to shareholder value creation. The letter also details
why Barington believes electing these three highly skilled nominees
– Ana Amicarella, Chan Galbato and James
Mitarotonda – to the Matthews Board of Directors (the
"Board") will best position the Board to reverse the Company's
untenable status quo.
Barington encourages all shareholders to review the letter,
which is available at https://barington.com/matthews
James Mitarotonda, Chairman and
CEO of Barington Capital, said, "The Matthews Board is radically
entrenched, long tenured and has utterly floundered in its duty to
serve as a fiduciary to Matthews' shareholders. Given the Board's
composition and tenure, we question its independence from
management. There is no better evidence for this than the Board's
retention of Joseph Bartolacci as
CEO despite the value he has destroyed at the Company over his
18-year tenure to the severe detriment of shareholders.
"In contrast, Barington's nominees are highly accomplished
executives with much-needed expertise in key sectors crucial to
Matthews' success, significant experience leading value-creating
businesses as CEO, and an unwavering commitment to putting
shareholders' interests first. If elected, they will bring their
diverse backgrounds, fresh perspectives, and a mindset of
accountability to help Matthews enhance its corporate governance,
improve its cash flow, focus its businesses and restore share price
performance.
"We strongly believe that change must begin at the top. We are
confident that our nominees are the right leaders to help unlock
the value embedded within Matthews that originally attracted us to
invest in the Company in 2022. We invite all shareholders to review
Barington's letter so that they can make an informed decision as to
who they should elect to the Board to maximize the value of their
investment."
PROTECT THE VALUE OF YOUR INVESTMENT IN
MATTHEWS BY VOTING
THE GOLD PROXY CARD TODAY
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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SOURCE Barington Capital Group, L.P.