Matthews International Corporation (NASDAQ: MATW) received $28 million in proceeds from the partial redemption of its preferred equity interest in Propelis, the company announced.

The redemption comes one year after Matthews merged its SGK Brand Solutions business with SGS & Co. to form the Propelis joint venture. Joseph C. Bartolacci, president and chief executive officer of Matthews International, stated that Propelis has performed in line with expectations since the merger.

"This redemption is further evidence of the business' ability to continue to grow adjusted EBITDA, capture synergies, and ultimately return value to its shareholders," Bartolacci said in the press release statement.

Matthews International operates through two core businesses: Industrial Technologies and Memorialization. The Industrial Technologies segment provides precision technologies and intelligent processes, while the Memorialization segment offers memorials, caskets and cremation equipment to cemetery and funeral home customers.

Propelis delivers integrated brand solutions including creative services, packaging, print solutions, branded environments and content production. The company has over 4,300 employees across 15 countries on four continents.

The information is based on a press release statement from Matthews International Corporation.