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Berry Global Group and Glatfelter have announced the date for a special meeting of Glatfelter shareholders to approve key matters related to their proposed merger. The meeting is scheduled for October 23, 2024, at 8:00 AM EDT via live audio webcast. Shareholders will vote on issuing additional Glatfelter common stock, amending the charter to increase authorized shares, and effecting a reverse stock split.
The proxy statement/prospectus will be mailed to shareholders of record as of September 3, 2024, starting around September 20, 2024. This document contains important information about the proposed transaction and is available on the SEC's website. Glatfelter's board unanimously recommends shareholders vote 'FOR' all matters. The merger involves Berry's Health, Hygiene and Specialties Global Nonwovens and Films business combining with Glatfelter in a Reverse Morris Trust transaction. Upon closing, the combined company will be renamed Magnera .
Glatfelter (NYSE: GLT) and Berry Global Group, Inc. (NYSE: BERY) have announced additional director appointments for the board of the combined company, Magnera , following their proposed merger. The Magnera board will consist of nine directors, with five designated by Berry, three by Glatfelter, and the CEO. Key appointments include:
- Kevin M. Fogarty as Non-Executive Chair
- Curtis L. Begle as CEO and Director
- Bruce Brown, Michael S. Curless, Thomas M. Fahnemann, Samantha J. Marnick, Carl J. Rickertsen, and Thomas E. Salmon as Directors
The merger combines Berry's Health, Hygiene and Specialties Global Nonwovens and Films business with Glatfelter. This move is seen as a significant step towards completing the merger and operating as Magnera, bringing together diverse expertise to provide value to shareholders, customers, and employees.
Glatfelter (NYSE: GLT) reported its Q2 2024 results, highlighting key financial metrics and business developments:
Key Financials:
- Net sales: ~$329 million
- GAAP net loss from continuing operations: $15.8 million
- Adjusted EBITDA: $25.6 million, an $8.3 million increase YoY
Segment Performance:
- Composite Fibers: $5 million EBITDA growth
- Spunlace: $3.4 million EBITDA growth
- Airlaid Materials: $2.3 million EBITDA decline
Merger Update:
Received regulatory clearances and IRS ruling for the merger with Berry’s HHNF business, expected to close in H2 2024.
Legal Settlement:
Settled a dispute related to the former Specialty Papers business, securing $6.5 million in gains to be recognized in Q3 2024.
Berry Global Group and Glatfelter have unveiled Magnera as the new brand name for their proposed merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films (HHNF) business with Glatfelter. This merger will create a global leader in the specialty materials industry, leveraging 46 global manufacturing facilities. Magnera aims to offer innovative solutions more quickly from closer locations while minimizing environmental impact.
Curt Begle, current President of Berry's Health Hygiene & Specialties Division, will lead Magnera as CEO. The company will focus on innovation, operational excellence, and strategic market penetration, offering the broadest global product range in high-growth markets for both polymer and fiber-based product applications. Magnera commits to providing stability to customers and delivering an expanded portfolio of products and solutions.
Glatfelter (NYSE: GLT) has announced its plans to release its 2024 second-quarter results on Thursday, August 8, 2024. The company will host a conference call at 11:00 AM (ET) on the same day to discuss the results. Investors and interested parties can access the earnings release and an accompanying financial supplement on Glatfelter's Investor Relations website.
To participate in the conference call, dial (323) 794-2423 or (800) 289-0438 with the Conference ID: 9525221. Alternatively, a webcast of the call will be available through the company's website. A replay of the webcast will be accessible approximately 2 hours after the conclusion of the earnings call.
Berry Global Group (NYSE: BERY) and Glatfelter (NYSE: GLT) have achieved a new regulatory milestone in their proposed transaction to combine Berry's Health, Hygiene, and Specialties (HHNF) Global Nonwovens and Films business with Glatfelter. This comes after the expiration of the Hart-Scott-Rodino (HSR) waiting period and receiving all necessary competition and foreign investment law approvals. Announced on February 7, 2024, this Reverse Morris Trust transaction aims to create a leading publicly-traded company in the specialty materials industry. The transaction, expected to close in the second half of 2024, is subject to Glatfelter shareholder approval and other customary conditions.
Glatfelter reported first-quarter 2024 results, achieving significant milestones in sales and operational improvements. The company generated net sales of approximately $327 million, with a GAAP net loss, and achieved adjusted EBITDA of $23.8 million. The Spunlace segment saw improved performance, while Airlaid Materials faced challenges due to market softness. The proposed merger with Berry's HHNF business is progressing well, with completion expected in the second half of 2024.
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