Matthews International to sell warehouse automation business for $230M

PITTSBURGH — Matthews International Corp. plans to sell its warehouse automation business to Duravant LLC for $230 million.

The Pittsburgh-based manufacturer, which is in the midst of a strategic review, said the definitive agreement calls for $223.3 million in cash and the assumption of some of the warehouse automation business. The sale is expected to close in fiscal 2026 second quarter. Matthews’ fiscal year ends Sept. 30.

“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.

The proceeds of the sale when it closes will be used to pay off Matthews International’s debt. It said reducing the debt will help its balance sheet and allow it to pursue strategic initiatives.

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