Matthews closes European unit sale, announces agreement with Barington Capital

January 23, 2026/Finance/

The first half of January 2025 saw two news releases come from Matthews International that probably, in a wide scope, are related to each other. First, in early January, this press release titled “Matthews International announces closing of of European Tooling and Packaging Businesses”.

Then just last week Matthews International issued this press release titled “Matthews International announces agreement with Barington Capital”.

At first glance those press releases look to address two separate issues. However, the back-story is that Barington Capital holds a position of Matthews International stock and for the past couple of years has publicly tried to gain seats on the Matthews International Board of Directors in order to move the company in a different direction.

So, again strictly from my point of view, maybe the sale of these businesses in Europe were part of the Barington Capital request for changes. In the past year or so Matthews has also divested its SGK Brand Solutions business (Seeking Alpha story on such).

Here’s a couple of quotes. . . The first from Alvaro Garcia-Tunon, Chairman of the Board for Matthews International. And another from Matthews International CEO Joseph Bartolacci concerning the press release about the Barington Capital agreement that gives a little more sunlight to relationship between the two companies:

Garcia-Tunion: “We are pleased to have reached a constructive resolution with Barington that is in the best interests of all shareholders. With this outcome, our Board looks forward to advancing the Company’s strategy and meeting our commitments to all stakeholders.”

Joseph C. Bartolacci: “Matthews has taken decisive steps over the past 12 months to simplify our business mix, strengthen our balance sheet, and enhance our board composition and corporate governance. Our extensive multi-year engagement with Barington has yielded valuable insights that have helped us refine these ongoing strategic initiatives. Looking ahead, we remain focused on continuing to advance our strategic review and positioning Matthews for long-term shareholder value creation.”

Tom Anderson
Funeral Director Daily

Funeral Director Daily take: While Matthews International has promising businesses in other areas they remain, in my opinion, a “mostly” Death Care business. In their latest year-end financial report, that you can access here, the company reported gross revenues of $1.497 billion. Of that amount $809.5 million, or about 54%, came from what is termed their Memorialization Segment.

The Memorialization Segment includes Matthews Cremation, Matthews Bronze, Matthews Aurora Casket, and The Dodge Company among their product lines.

Again, it is my opinion, and maybe Barington Capital’s opinion, but I think a greater emphasis on the greater “Death Care” business enterprises might make for a stronger company and more value for their shareholders than branching out into other lines of business.

I have had the same thoughts about Hillenbrand Industries (former owner of Batesville Casket) over they years. Hillenbrand continued to build out their company in non-Death Care fields, eventually sold the Batesville business line to private equity, and now is selling the rest of the entire company for a price that is less per share from when they included the Batesville component in their lines.

Death Care to some is not a real exciting business and I’m guessing it is not real exciting to public company CEO’s. However, it has a track record of success in business over the years and it is my opinion that current Death Care companies branching out into more Death Care lines is not a bad thought or idea. There are plenty of up-and-coming Death Care technology firms and fledgling disposition business ventures that hold promise. If I was the CEO of a large Death Care company. . . .that’s where I might look for acquisitions and additive growth.

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