Berry Global Group and Glatfelter Corporation Announce Record Date for Spin-off of HHNF Business

EVANSVILLE, Ind. and CHARLOTTE, N.C., Oct. 22, 2024 (GLOBE NEWSWIRE) —

Berry Global Group, Inc. (NYSE: BERY) (“Berry”) and Glatfelter Corporation (NYSE: GLT) (“Glatfelter”) have announced that Berry has set a record date of the close of business on November 1, 2024 for the proposed spin-off of its Health, Hygiene and Specialties Global Nonwovens and Films business (“HHNF Business”). The spin-off and merger of Berry’s HHNF Business with Glatfelter are expected to be completed on November 4, 2024, subject to the satisfaction or waiver of the closing conditions for the transaction. As part of the merger, Glatfelter will undergo a reverse stock split and change its name to Magnera Corporation (“Magnera”).

Impact on Individuals:

As an individual, this merger may not have a direct impact on you. However, if you are a shareholder of either Berry or Glatfelter, you should be aware of the upcoming changes in the companies’ structures. It is important to stay informed about the merger process and how it may affect your investments.

Impact on the World:

The merger of Berry’s HHNF Business with Glatfelter to form Magnera Corporation could have ripple effects in the global market. The new entity may have a stronger position in the nonwovens and films industry, potentially leading to innovation and growth in the sector. This could impact supply chains, competition, and market dynamics on a larger scale.

Conclusion:

In conclusion, the spin-off and merger of Berry’s HHNF Business with Glatfelter to create Magnera Corporation marks an important milestone for both companies. While the direct impact on individuals may be limited, the implications of this merger on the global market are worth observing. Stay tuned for updates on the completion of this transaction and its effects on the industry as a whole.