07:42 AM EST, 02/14/2025 (MT Newswires) -- Matthews International ( MATW ) said Friday it has signed a letter of intent to sell the remaining operations of its SGK Brand Solutions segment, including its European roto-gravure packaging and surfaces businesses, for $50 million, primarily in cash.

The company plans to use the cash proceeds to repay debt.

In January, Matthews entered into a definitive agreement to sell its interest in SGK Brand Solutions for upfront consideration of $350 million.

Joseph Bartolacci, chief executive officer, said the company expects the overall divestiture value of its SGK reporting segment to surpass $700 million once all transactions are finalized.

The sale is expected to close in Q3, subject to a definitive agreement, buyer financing, and regulatory approvals.