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Investing.com -- Matthews International Corporation (NASDAQ:MATW) stock jumped 7.7% Thursday after the company announced it has entered into a definitive agreement to sell its Matthews Automation Solutions business to Duravant LLC.
Matthews Automation Solutions, known for its warehouse execution and control system software brands including Pyramid, Compass, Nexus, and Lightning Pick, will join Duravant’s Material Handling operating group. The acquisition will enhance Duravant’s capabilities in providing comprehensive material flow and order fulfillment solutions to clients in ecommerce, retail, parcel, and logistics sectors.
"We are pleased to welcome Matthews Automation Solutions to Duravant," said Mike Kachmer, Chairman and CEO of Duravant. "The software and controls integration expertise the team brings to Duravant is exceptional. They have a reputation for delivering high quality service and support which aligns perfectly with Duravant’s dedication to ensuring customer success."
The Matthews Automation Solutions business operates from hubs in Cincinnati, Ohio and Pewaukee, Wisconsin. The acquisition will complement Duravant’s existing Material Handling group, which includes operating companies FMH Conveyors, NPI, QC Conveyors, and Motion06.
The transaction remains subject to customary regulatory approvals and is expected to close before March 31, 2026. Financial terms of the deal were not disclosed in the announcement.
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