February 23, 2024

Glatfelter (NYSE:GLT) and Berry Global (NASDAQ:BERY) Plan Tax-Free Spin-Off and Merger of Berry’s HHNF Business with Glatfelter

DENVER, Colo., Feb. 7, 2024 (www.247marketnews.com)- Glatfelter Corp (NYSE:GLT) and Berry Global Group (NASDAQ:BERY) jointly announced, this morning, that they entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business (“HHNF”) with Glatfelter, creating a leading, publicly-traded company in the specialty materials industry. The Boards of Directors of Glatfelter and Berry unanimously approved the transaction.

Glatfelter shareholders to own 10% of the combined company, valued at $3.6 billion on an enterprise value basis, with pro forma revenue of approximately $3.6 B and adjusted EBITDA of about $455 M.

Glatfelter is trading at $1.43, up $0.15 (+11.72%), on 115K shares traded.

Its 52-week range is $1.25 to $4.585. GLT hit a new 52-week low yesterday and this transaction has it valued way higher.

“The uniting of our organizations creates a premier nonwovens supplier and a global leader in specialty materials, with the talent, technologies, scale, and footprint to deliver commercial and operational excellence, and a wide range of solutions for our customers. Our combined company is scaled to accelerate innovation and leverage our intellectual property over a large worldwide commercial platform and is well positioned to deliver substantial shareholder value,” said Thomas Fahnemann, Glatfelter’s President and Chief Executive Officer.

Glatfelter website: www.glatfelter.com  

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