Magnera Announces Strategic Exit from Argentina as Part of Project CORE Transformation
Rhea-AI Summary
Magnera (NYSE:MAGN) announced the closure of its Pilar, Argentina facility as part of Project CORE (Capacity Optimization and Resource Efficiency), a strategic transformation initiative. The closure will impact over 60 employees, with the company committing to provide transition support.
CEO Curt Begle emphasized that this strategic exit aligns with Magnera's goals to streamline its global footprint and enhance operational efficiency. The company will maintain existing customer commitments during the transition and is investing in advanced technologies to strengthen its operational capabilities.
Positive
- Implementation of Project CORE initiative to streamline operations and enhance efficiency
- Investment in advanced systems and technologies for improved operational capabilities
- Maintaining customer commitments through global portfolio leverage
Negative
- Closure of Pilar, Argentina facility affecting over 60 employees
- Reduction in global operational footprint and market presence in South America
- Potential short-term operational disruption during transition period
News Market Reaction
On the day this news was published, MAGN gained 4.55%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
CHARLOTTE, N.C., Sept. 29, 2025 (GLOBE NEWSWIRE) -- As part of its ongoing transformation initiative (Project CORE), Magnera today announced a key step in optimizing operations and aligning resources with long-term growth priorities.
Effective immediately, production will halt and operations at the company’s Pilar, Argentina site will begin winding down. The company will continue to fulfill pre-existing commitments out of the site and ensure continuity for customers during this transition.
The closure is part of Project CORE (Capacity Optimization and Resource Efficiency), a company-wide program introduced in Magnera’s most recent earnings release. Project CORE is designed to streamline Magnera’s global footprint, enhance operational agility, and deliver greater value to customers and partners.
“This was not a decision taken lightly,” said Curt Begle, Magnera CEO. “It reflects our commitment to building a more efficient, responsive, and sustainable organization—one that is better positioned to meet the evolving needs of our customers and the market.”
More than 60 employees will be impacted by the closure of the Pilar facility. Magnera is working closely with local teams to provide support. “We are deeply grateful for the dedication and contributions of our Pilar team,” added Begle. “Supporting them through this change is a top priority.”
Throughout the process, Magnera remains fully committed to maintaining exceptional service and honoring its customer commitments. The company is actively leveraging its global portfolio to ensure seamless continuity and consistent delivery across all markets. In parallel, Magnera is investing in advanced systems and technologies to enhance responsiveness, accelerate innovation, and strengthen its long-term operational capabilities.
“This is a moment of evolution, but also of opportunity,” said Begle. “Through Project CORE, we are building a stronger, more agile organization—ready to lead with purpose and deliver new possibilities for our customers and communities.”
About Magnera
Magnera Corporation (NYSE: MAGN) serves 1,000+ customers worldwide, offering a wide range of material solutions, including components for absorbent hygiene products, protective apparel, wipes, specialty building and construction products, and products serving the food and beverage industry. Operating across 45 production facilities, Magnera is supported by over 9,000 global employees.
Magnera’s purpose is to better the world with new possibilities made real. For more than 160 years, the company has delivered the material solutions their partners need to thrive. Through economic upheaval, global pandemics and changing end-user needs, Magnera has consistently found ways to solve problems and exceed expectations. The distinct scale and comprehensive portfolio of Magnera’s products brings customers more materials and choices. Magnera builds personal partnerships that withstand an ever-changing world.
Forward-Looking Statements
Information included or incorporated by reference in Magnera Corporation’s filings with the U.S. Securities and Exchange Commission (the “SEC”) and press releases or other public statements contain or may contain “forward-looking” statements with the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such “forward-looking” statements include, but are not limited to, statements with respect to our financial condition, results of operations and business, our expectations or beliefs concerning future events, statements about future financial and operating results, the company’s plans, objectives, expectations and intentions and other statements that are not historical facts. These statements contain words such as “believes,” “expects,” “may,” “will,” “should,” “would,” “could,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “outlook,” “anticipates,” or “looking forward” or similar expressions that relate to our strategy, plans, intentions or expectations. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates, and financial results or to our expectations regarding future industry trends are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are based upon the current beliefs and expectations of the management of Magnera and are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. These risks and other risk factors are detailed from time to time in Magnera’s reports filed with the SEC, including annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, including our Form 8-K/A filed on January 31, 2025, and other documents filed with the SEC. These risk factors may not contain all of the material factors that are important to you. New factors may emerge from time to time and it is not possible to either predict new factors or assess the potential effect of any such new factors. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available as of the date hereof. All forward-looking statements are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements as a result of new information, future events, or otherwise, except as otherwise required by law.
Investor Contact:
Robert Weilminster
ir@magnera.com
FAQ
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