Berry Global Group Completes Acquisition of Glatfelter Corporation’s Health, Hygiene, and Specialties Business

Berry Global Group, Inc. (NYSE: BERY) recently announced the completion of a significant transaction involving the acquisition of Glatfelter Corporation’s Health, Hygiene, and Specialties Global Nonwovens and Films business. This merger has resulted in the establishment of Magnera Corporation (NYSE: MAGN), the largest nonwovens company globally, showcasing a wide array of solutions for the specialty materials industry. This transaction involved various key agreements and financial arrangements that play a crucial role in the strategic development of Berry Global Group.

The transaction, structured as a Reverse Morris Trust transaction, saw Berry Global Group complete the separation of the Health, Hygiene, and Specialties Global Nonwovens and Films business through a spin-off of all shares of its subsidiary, Spinco, to stockholders as of November 1, 2024. Subsequently, Spinco was merged into a wholly owned subsidiary of Magnera. With this transaction, each Berry stockholder received 0.276305 shares of Magnera for each share of Berry common stock held, reflecting a 1-for-13 reverse stock split by Magnera on the same day.

As a result of this merger, Berry stockholders now possess 90% of the outstanding shares of Magnera on a fully-diluted basis, while existing Glatfelter shareholders retain 10% of the outstanding Magnera shares on a fully-diluted basis. Fractional shares of Magnera common stock resulting from the transaction will be settled in cash instead of issuing fractional shares.

Berry Global Group’s Chief Executive Officer, Kevin Kwilinski, expressed enthusiasm about the completion of the deal, calling it a strategic move to enhance the company’s position as a global leader in consumer-focused packaging solutions. Kwilinski also emphasized the positive impact this transaction will have on the stability of earnings, free cash flow, and growth for the company.

The filings made by Berry Global Group with the Securities and Exchange Commission (SEC) provide further details regarding the transaction terms and financial implications. The recently released press statement by the company highlights the successful completion of the merger, signaling the beginning of trading for Magnera Corporation on the New York Stock Exchange under the ticker symbol “MAGN” starting on November 5, 2024.

Investors and stakeholders are encouraged to stay updated with the latest information through the official investor relations contact, Dustin Stilwell, VP of Investor Relations at Berry Global Group. For further inquiries or details, reach out via email at [email protected] or call +1 812.306.2964.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Berry Global Group’s 8K filing here.

Berry Global Group Company Profile

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets in the United States, Canada, Europe, and internationally. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments.