Berry Global Group, Inc. and Glatfelter Corporation have announced a definitive agreement for Berry to spin off and merge the majority of its Health, Hygiene, and Specialties segment, including its Global Nonwovens and Films business, with Glatfelter.
This move aims to create a leading, publicly traded company in the specialty materials industry. The Boards of Directors of both companies have unanimously approved the transaction.
The new combined company ("NewCo") will become a global leader in the specialty materials industry, serving major brand owners across international markets. HHNF brings a portfolio of proprietary technologies, focusing on healthcare, hygiene, and specialty end markets, while Glatfelter offers innovation capabilities and sustainability solutions. Together, they will provide a highly complementary product suite with significant geographic diversification.
Kevin Kwilinski, Berry's CEO, stated that this decision follows a comprehensive review of strategic alternatives to maximize shareholder value. He believes the combined businesses will drive significant value with complementary portfolios, positioning each for greater success.
Additionally, Berry will become a provider of sustainable global packaging solutions, while HHNF and Glatfelter are poised for long-term growth.
Thomas Fahnemann, Glatfelter's President and CEO, emphasized the creation of a premier nonwoven supplier and global leader in specialty materials.
He believes the combined company is well-positioned to deliver substantial shareholder value through innovation and leveraging intellectual property.
The new, publicly-traded company, which will be renamed and rebranded, will be led by Curt Begle , Berry’s current President of HH&S, who will serve as CEO. Additional members of the combined company's senior management team will be announced at a later date.
Source: Glatfelter
