Duravant to acquire warehouse automation business of Matthews for $230m.

Duravant, a manufacturer of bag packaging equipment, agreed to acquire warehouse automation business of Matthews, a provider of diversified products, for $230m. “This transaction is a direct outcome of the strategic alternatives evaluation, reflecting our commitment to unlocking shareholder value and further reducing our debt toward our long-term net leverage ratio goal of 2.5x. J.P. Morgan conducted an extensive process for the Warehouse Automation business and, as a result, we determined that Duravant delivered the best value for our shareholders and provides a strong platform for the continued growth of this business,” Joseph C. Bartolacci, Matthews International President and Chief Executive Officer.