PITTSBURGH, Pa., (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced the sale, on June 26, 2020, of its noncontrolling ownership interest in a pet cremation services business. The Company sold its ownership interest for a sales price of $57.2 million, consisting of $42.2 million cash and $15.0 million preferred stock. Matthews International intends to apply the cash proceeds from the sale to debt repayment.

Mr. Bartolacci, President and Chief Executive Officer, stated: “This transaction, together with the recent sale of one of our buildings for $11.25 million, is consistent with our near-term strategy to increase cash flow and reduce debt, not only through operating cash flow, but also through identification of assets that are no longer consistent with our long-term return objectives. As a result, despite the impact of COVID-19, we currently expect that our operating cash flow combined with the benefit of these transactions will result in a significant reduction of our consolidated net debt (debt less cash) from January 1, 2020 through the end of fiscal 2020.”

About Matthews International Corporation

Matthews International Corporation is a global provider of brand solutions, memorialization products and industrial technologies. The SGK Brand Solutions segment is a leader in providing brand development, deployment and delivery services that help build our clients’ brands and consumers’ desire for them. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets and cremation and incineration equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. The Industrial Technologies segment designs, manufactures and distributes marking, coding and industrial automation technologies and solutions. The Company has approximately 11,000 employees in more than 25 countries on six continents that are committed to delivering the highest quality products and services.