01:36 PM EST, 12/10/2024 (MT Newswires) -- Matthews International ( MATW ) shares were up 3% in recent trading Tuesday as the company acknowledged it received a nomination notice from activist investor Barington Capital Group.

Barington Capital said earlier it had sent a letter to Matthews Chairman Alvaro Garcia-Tunon calling for the replacement of the company's long-time chief executive Joseph Bartolacci.

The firm, which owns of 2% of Matthews' outstanding stock, also called on the company to reduce its debt and divest underperforming businesses, such as SGK Brand Solutions, and narrow its focus on the Memorialization segment.

Barington Capital also urged a refresh in the company's board and nominated three directors for consideration, but did not disclose their names.

In its response, Matthews backed both its current board and chief executive and said that the fundamentals of its business remained strong.

The company said that it was already engaged with J.P. Morgan to evaluate strategic alternatives for the business and that Barrington was waging a "costly and disruptive proxy contest."

It asked shareholders to not take any action at this time and wait for the board to present its roster of nominees for the 2025 annual meeting.

Price: 30.80, Change: +0.92, Percent Change: +3.08