Matthews International Co.

Matthews International has appointed Michael J. Whitehead as president and chief executive officer. He succeeds Joseph C. Bartolacci, who is retiring after more than two decades. Whitehead joins from Lincoln Electric, where he most recently served as executive vice president and president, Americas Welding, overseeing a division with more than $2.5 billion in annual revenue and previously led business units with over $1 billion in revenue. Matthews International operates in industrial technologies and memorialization and employs around 4,300 people in 15 countries. » Mere på de.investing.com

Matthews International reported a fiscal Q3 net loss of $23.7 million versus a year‑ago profit, and lowered full‑year adjusted EBITDA guidance to $158–$162 million due to engineering order delays, tariffs, geopolitical pressures and slower Propelis synergies. Industrial Technologies swung to a $5.4 million adjusted EBITDA loss amid delayed engineering orders and battery‑market overcapacity, prompting plans to cut about $10 million annually in European engineering costs and evaluate strategic alternatives. The company reduced gross debt by $144 million to $567 million, received preferred‑equity returns from Propelis and expects to market Propelis for sale within 12 months after reaching a targeted $130 million annualized EBITDA run rate. Management reiterated a forthcoming CEO succession, declared a quarterly dividend, and highlighted ongoing commercialization efforts for DBE electrodes and Axion printheads. » Mere på finance.yahoo.com

Joseph C. Bartolacci is retiring as president and chief executive officer of Matthews after nearly three decades with the company. During his 20-year tenure as CEO, annual revenue grew from about $700 million to nearly $2 billion, Matthews completed more than 60 acquisitions and expanded its business lines globally. The board has launched a succession process; Bartolacci will support the transition at least until Jan. 1, 2027. » Mere på de.investing.com