EVANSVILLE - Berry Global Group and nonwovens manufacturer Glatfelter have confirmed the completion of the merger between Berry’s Health, Hygiene and Specialties Global Nonwovens and Films business, and Glatfelter Corporation, resulting in the creation of Magnera, the largest nonwovens company in the world.
With a broad platform of solutions for the specialty materials industry, Magnera will begin trading on the NYSE under the new ticker symbol “MAGN” on Tuesday, 5th November, 2024.
Announcing the deal, Berry chief executive officer Kevin Kwilinski said: “We are excited about the completion of this transaction. With this move to optimise our portfolio, we solidify our position as a global leader of consumer-focused packaging solutions while enhancing the stability of our earnings, free cash flow and growth.
“We are confident that employees transferring to Magnera will benefit from the new company’s strong leadership and focused capabilities, and we are grateful for their contributions.”
Under the previously disclosed terms of the transaction, Berry completed the separation of the HHNF Business through a spin-off of all the outstanding shares of its wholly owned subsidiary that owned the HHNF Business (Spinco) to its stockholders of record as of the close of business on November 1, 2024. Spinco was then merged into a wholly owned subsidiary of Magnera.
The combined company will offer a wide range of products, including components for absorbent hygiene products, protective apparel, wipes, specialty building and construction products, products serving the food and beverage industry.
It will cover a broad platform of 46 global manufacturing facilities, offering its customers faster service from closer locations and minimizing environmental impact, the companies said.
