Welcome to our dedicated page for Berry Global Group news (Ticker: BERY), a resource for investors and traders seeking the latest updates and insights on Berry Global Group stock.
Berry Global Group, Inc. (NYSE: BERY) is a leading global manufacturer of plastic packaging products and protection materials. Serving a diverse range of markets, including food, beverage, personal care, household chemicals, healthcare, and industrial, Berry Global caters to over 15,000 customers, including some of the world’s largest consumer packaged goods (CPG) manufacturers. The company's strategic international expansion aims to fulfill the growing global market demands.
The company operates through four primary business segments: Consumer Packaging International, Consumer Packaging North America, Engineered Materials, and Health, Hygiene, and Specialties. Berry Global primarily utilizes plastic resin as its raw material, sourced from various suppliers.
The acquisition of RPC has bolstered the Consumer Packaging International segment, expanding Berry’s geographical footprint and boosting its revenue. This segment includes products such as closures, dispensing systems, pharmaceutical devices, packaging, bottles, canisters, polythene films, recycling, containers, and technical components.
Berry Global's impressive growth is underscored by its extensive network of 119 global manufacturing locations across 17 countries and a workforce of over 21,000 employees. The company's history of strategic acquisitions has significantly bolstered its market presence and technological capabilities.
In recent developments, Berry Global acquired F&S Tool, a North American leader in precision injection molding tools. This move aims to strengthen Berry's global tooling capabilities, bringing in proprietary technologies and manufacturing excellence.
Berry Global continues to innovate and expand, focusing on sustainable growth and maintaining a leading position in the plastic packaging industry. Stay updated with the latest news and developments about Berry Global Group, Inc. to understand its market performance and strategic initiatives.
Berry Global Group (NYSE: BERY) has completed the merger of its Health, Hygiene and Specialties Global Nonwovens and Films business with Glatfelter , creating Magnera (NYSE: MAGN), the world's largest nonwovens company. Through a Reverse Morris Trust transaction, Berry stockholders received 0.276305 Magnera shares for each Berry share held as of November 1, 2024, resulting in Berry stockholders owning 90% of Magnera while Glatfelter shareholders retained 10%. Berry stockholders maintain their existing Berry shares alongside the new Magnera allocation. Trading of Magnera on NYSE under 'MAGN' begins November 5, 2024.
Berry Global Group (NYSE: BERY) has announced a significant dividend increase. The company's board of directors has declared a quarterly cash dividend of $0.31 per share, representing a nearly 13% increase from the previous amount. This adjustment brings the annualized dividend to $1.24 per share. The dividend will be paid on December 16, 2024, to stockholders of record as of December 2, 2024.
Glatfelter (NYSE: GLT) shareholders have approved all proposals related to the merger with Berry Global Group's (NYSE: BERY) Health, Hygiene and Specialties Global Nonwovens and Films business. The transaction is expected to close on November 4, 2024. In connection with the merger, Glatfelter will implement a 1-for-13 reverse stock split and change its name to Magnera . The reverse split will become effective on November 4, 2024, affecting all issued and outstanding shares, with no fractional shares to be issued. Trading will continue on NYSE under a new CUSIP number.
Berry Global Group has set November 1, 2024, as the record date for the spin-off of its Health, Hygiene and Specialties Global Nonwovens and Films business (HHNF), which will merge with Glatfelter on November 4, 2024. The merged entity will be renamed Magnera . Berry stockholders will own approximately 90% of Magnera, while Glatfelter shareholders will own about 10%. Based on current figures, Berry stockholders would receive approximately 0.24 shares of Magnera for each Berry share, assuming a 1-for-15 reverse stock split. Trading with due-bills will occur from November 1-4, 2024, with ex-distribution trading beginning November 5, 2024.
Berry Global Group and Glatfelter announced the pricing of an upsized $800 million senior secured notes offering due 2031 by Berry's subsidiary, Treasure Escrow This offering is related to the previously announced merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films business with Glatfelter in a Reverse Morris Trust transaction. The combined company will be renamed Magnera .
The notes, bearing a 7.250% interest rate, will be assumed by Magnera upon closing. Proceeds will fund a cash distribution to Berry Global, Inc., repay Glatfelter's existing debt, and cover transaction fees. The notes will be secured by various assets and rank pari passu with Magnera's new term loan facility and Glatfelter's existing senior notes. The offering is expected to close around October 25, 2024, subject to conditions.
Berry Global Group and Glatfelter have announced that Berry's subsidiary, Treasure Escrow , plans to issue $500 million of senior secured notes due 2031. The proceeds will fund part of the cash distribution to Berry Global, Inc. for the combination of Berry's Health, Hygiene and Specialties Global Nonwovens and Films business with Glatfelter in a Reverse Morris Trust transaction. The combined company will be renamed Magnera .
The notes will replace the same amount of debt previously intended for Spinco's new credit facilities and will be assumed by Magnera upon closing. If the transaction doesn't close concurrently with the offering, proceeds will be held in escrow. The notes are being offered only to qualified institutional buyers and non-U.S. investors, and have not been registered under the Securities Act.
Berry Global Group and Glatfelter have announced the date for a special meeting of Glatfelter shareholders to approve key matters related to their proposed merger. The meeting is scheduled for October 23, 2024, at 8:00 AM EDT via live audio webcast. Shareholders will vote on issuing additional Glatfelter common stock, amending the charter to increase authorized shares, and effecting a reverse stock split.
The proxy statement/prospectus will be mailed to shareholders of record as of September 3, 2024, starting around September 20, 2024. This document contains important information about the proposed transaction and is available on the SEC's website. Glatfelter's board unanimously recommends shareholders vote 'FOR' all matters. The merger involves Berry's Health, Hygiene and Specialties Global Nonwovens and Films business combining with Glatfelter in a Reverse Morris Trust transaction. Upon closing, the combined company will be renamed Magnera .
Berry Global Group, Inc. (NYSE: BERY) has announced the appointment of James T. Glerum, Jr. to its Board of Directors. Glerum, 64, recently retired as Vice Chairman, Investment Banking at Citigroup in July 2024. With a 40-year career in investment banking, Glerum has executed over 325 corporate finance and strategic transactions valued at more than $500 billion across multiple industries.
Glerum's extensive experience in investment banking, capital markets, and the packaging industry is expected to enhance Berry's Board's expertise, particularly in capital allocation and portfolio evaluation. He holds an M.B.A. from Harvard Business School and serves on the board of trustees for several Midwest non-profit institutions.
Berry Global Group reported strong Q3 2024 results, with net sales of $3.2 billion and operating income of $303 million. Adjusted earnings per share increased 16% to $2.18, while organic volume grew 2% across all segments. The company maintained its fiscal 2024 outlook, projecting adjusted EPS of $7.60 and free cash flow of $800-$900 million.
Key highlights include:
- Operating EBITDA rose 5% to $546 million
- Consumer Packaging segments showed growth in both sales and operating income
- Progress on portfolio optimization, including the HHNF spin/merger with Glatfelter
- Commitment to shareholder returns through dividends and share repurchases
- Leverage target of 3.5x or lower by fiscal year-end
Berry Global Group, Inc. (NYSE: BERY) has announced a quarterly cash dividend of $0.275 per share. The dividend will be paid on September 17, 2024, to stockholders of record as of September 3, 2024. This declaration by the board of directors demonstrates the company's commitment to returning value to shareholders. The dividend announcement provides a clear timeline for investors and showcases Berry Global's financial stability and confidence in its cash flow generation capabilities.
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