Berry Global Group and Glatfelter Corporation have announced the merger of Berry’s HHNF Business with Glatfelter and is expected to be completed on November 4, 2024, subject to the satisfaction or waiver of the closing conditions for the transaction. Berry has also set a record date for the proposed spin-off its Health, Hygiene and Specialties Global Nonwovens and Films business on November 1, 2024. As previously announced, in connection with the merger, Glatfelter will effect a reverse stock split and change its name to Magnera Corporation.
Subject to the satisfaction or waiver of the closing conditions, on November 4, 2024, Berry will distribute all of the shares of stock of its wholly owned subsidiary that owns the HHNF Business to Berry stockholders as of the close of business on the November 1, 2024 record date using a pro rata distribution, Spinco will merge into a subsidiary of Magnera, and the shares of Spinco distributed to Berry stockholders will convert into the right to receive Magnera shares, as illustrated in the hypothetical below.
The spin-off and Berry Global’s merger with Glatfelter remains subject to the satisfaction or waiver of certain conditions including, but not limited to, approval by Glatfelter shareholders of certain matters related to the transactions. If the closing conditions are not satisfied or waived in advance of November 1, 2024, Berry may elect to change the record date to a later date.
Berry Global Group, Inc. creates innovative packaging solutions that make life better for people and the planet. They do this every day by leveraging unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in diversity and industry-leading talent of over 40,000 global employees across more than 250 locations, the company partners with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. Solving the challenges and the innovations Berry Global pioneers benefit to customers at every stage of their journey.