India, Feb. 14 -- Matthews International Corp. (MATW) Friday announced that it has signed a letter of intent to sell the remaining businesses within its SGK Brand Solutions segment, primarily comprising its European roto-gravure packaging and surfaces operations. The deal is valued at $50 million, mostly in cash, which will be used to reduce debt.
This follows Matthews' January 8 agreement to sell its interest in SGK for $350 million. With this latest transaction, total upfront proceeds from the SGK divestiture will reach $400 million, implying a segment valuation exceeding $600 million.
The sale is expected to close in the third quarter, pending a definitive agreement, financing, and regulatory approvals.
MATW is currently trading pre-m...