Acquisitions and Divestitures |
9 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Acquisitions And Dispositions [Abstract] | |
| Acquisitions and Divestitures | Acquisitions and Divestitures Fiscal 2026:
In December 2025, the Company completed the sale of its interests in Matthews Automation Solutions, LLC, a Delaware limited liability company and wholly-owned subsidiary of Matthews, and certain related assets to Duravant LLC ("Duravant"). The total cash consideration was $224,798, subject to post-closing adjustments. The transaction resulted in a pre-tax gain of $147,633 ($107,767 after-tax). As of the date of the disposal transaction, the divested business had current assets and non-current assets of $21,381 and $62,174, respectively, and current liabilities and non-current liabilities of $19,612 and $3,067, respectively. Income (loss) before income taxes for the divested business was a loss of $926 for the nine months ended June 30, 2026, and income of $2,519 and $3,797 for the three and nine months ended June 30, 2025, respectively. On August 3, 2026, as part of a post-closing adjustment, the Company and Duravant finalized a working capital adjustment reducing net purchase price and pre-tax gain by $1,471.
In December 2025, the Company completed the sale of its European roto-gravure packaging and tooling and flexographic print businesses to the local management of those businesses. Total consideration from these divestitures was $41,009, consisting of $13,658 of cash received at closing, $4,081 of cash received subsequent to closing, $3,672 of remaining deferred purchase price, seller financing of $7,660, and liabilities assumed by the buyers (principally assumed debt and pension obligations) of $11,938, and the transactions resulted in a pre-tax loss of $38,135 ($39,082 after-tax).
In October 2025, the Company completed a small acquisition within the Industrial Technologies segment for a purchase price of $524. The preliminary purchase price allocation was finalized as of March 31, 2026, resulting in adjustments to intangible assets.
Note 16. Acquisitions and Divestitures (continued)
Fiscal 2025:
In May 2025, the Company acquired The Dodge Company ("Dodge") within the Memorialization segment for a purchase price of $55,624 (net of cash acquired). Dodge is a leading supplier of embalming chemicals and supplies in North America and sells a variety of other related products to funeral homes. Annual sales for this business were approximately $43,000 prior to the acquisition. The Company finalized the allocation of the purchase price in the third quarter of fiscal 2026, resulting in adjustments to working capital, property, plant and equipment and other intangibles assets.
On May 1, 2025, the Company contributed its SGK Business to a newly-formed entity, Propelis, in exchange for 40% of the common equity of Propelis, a $50,000 preferred equity investment in Propelis, and cash proceeds of $228,004 (net of $22,996 of divested cash). The Company retained its European cylinders (packaging) business and other related investments following the completion of this transaction. The Company recognized a gain on sale of the SGK Business totaling $55,139 ($6,158 after-tax) during fiscal 2025.
In March 2025, the Company completed a small divestiture within the Industrial Technologies segment. Net proceeds from the divestiture totaled $2,049, and the transaction resulted in a pre-tax loss of $2,072, which was recorded as a component of administrative expense for the period ended March 31, 2025.
In October 2024, the Company completed a small acquisition within the Memorialization segment for a purchase price of $2,218. The Company finalized the allocation of the purchase price in the fourth quarter of fiscal 2025, resulting in no significant adjustments.
During the first quarter of fiscal 2025, the Company completed a small divestiture within the Memorialization segment. The net assets for this business were fully written-down in fiscal 2024 in anticipation of the disposal transaction.
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