Matthews International Corporation (NASDAQ:MATW) officially closed the sale of its Warehouse Automation business to Duravant on Wednesday, December 31, 2025.
The deal, first announced in mid-November, provides the Pittsburgh-based firm with $232.1 million in total consideration, including $225.4 million in cash.
The divestiture is the latest result of a comprehensive "strategic alternatives review" initiated by the Board of Directors to unlock shareholder value.
By offloading the warehouse unit—which generated $72 million in sales during fiscal 2025—Matthews is aggressively prioritizing its balance sheet.
Management confirmed that net proceeds will be used to pay down outstanding debt, moving the company closer to its long-term net leverage ratio target of 2.5x.
For Duravant, a global leader in engineered equipment, the acquisition adds a high-growth software and integration layer to its material handling portfolio.
Duravant will now house Matthews’ well-known brands, including Pyramid, Compass, and Lightning Pick, which provide Warehouse Execution System (WES) and Warehouse Control System (WCS) solutions for the e-commerce and retail sectors.