Matthews International Corporation has successfully closed the sales of its European roto-gravure packaging and tooling businesses.
The total consideration for these sales amounts to $41 million, with a mix of cash, assumed debt and pension liabilities, and seller financing.
The cash proceeds, totaling $18 million, will be utilized for immediate debt reduction.
Sales Details
Sales of European packaging and tooling businesses completed with a total consideration of $41 million, enhancing debt reduction efforts.
Company Streamlining
Sale marks a step towards a more streamlined business structure, emphasizing value unlocking and debt reduction.
Operational Performance
Adjusted EBITDA was break-even for the businesses over the past two fiscal years on sales of approximately $100 million per year.
- The sale signifies Matthews International's strategic move towards a more focused business model.
- Immediate application of cash proceeds towards debt reduction reflects the company's commitment to financial stability and growth.
The successful sale of the European packaging and tooling businesses positions Matthews International for enhanced financial flexibility and operational efficiency in alignment with its growth strategies.