Magnera Emerges as a New Global Leader in the Specialty Materials and Nonwovens Industry, Following the Merger of Berry’s Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter
Magnera (NYSE: MAGN) has emerged as the world's largest nonwovens company following the merger between Berry Global Group's Health, Hygiene and Specialties Global Nonwovens and Films business and Glatfelter. The new entity will begin trading on NYSE under 'MAGN' on November 5, 2024. The combined company operates 46 global manufacturing facilities serving over 1,000 customers across various sectors including adult incontinence, baby care, feminine hygiene, and healthcare. Under the Reverse Morris Trust transaction, Berry stockholders received 0.276305 Magnera shares for each Berry share, representing 90% ownership of Magnera, with Glatfelter shareholders owning the remainder.
Magnera (NYSE: MAGN) è emersa come la più grande azienda di non tessuti al mondo a seguito della fusione tra la divisione Health, Hygiene and Specialties Global Nonwovens and Films di Berry Global Group e Glatfelter. La nuova entità inizierà a essere quotata in borsa a NYSE con il simbolo 'MAGN' il 5 novembre 2024. La società risultante gestisce 46 impianti di produzione a livello globale che servono oltre 1.000 clienti in vari settori, tra cui incontinenza adulti, cura per bambini, igiene femminile e assistenza sanitaria. Nell'ambito della transazione Reverse Morris Trust, gli azionisti di Berry hanno ricevuto 0,276305 azioni Magnera per ogni azione Berry, rappresentando il 90% della proprietà di Magnera, con gli azionisti di Glatfelter che detengono il resto.
Magnera (NYSE: MAGN) ha emergido como la empresa de no tejidos más grande del mundo tras la fusión entre el negocio de Health, Hygiene and Specialties Global Nonwovens and Films de Berry Global Group y Glatfelter. La nueva entidad comenzará a cotizar en NYSE bajo el símbolo 'MAGN' el 5 de noviembre de 2024. La compañía combinada opera 46 instalaciones de fabricación a nivel global y atiende a más de 1,000 clientes en varios sectores, incluyendo incontinencia adulta, cuidado de bebés, higiene femenina y atención médica. En la transacción Reverse Morris Trust, los accionistas de Berry recibieron 0.276305 acciones de Magnera por cada acción de Berry, representando el 90% de la propiedad de Magnera, con los accionistas de Glatfelter que poseen el resto.
Magnera (NYSE: MAGN)는 Berry Global Group의 Health, Hygiene and Specialties Global Nonwovens and Films 사업부와 Glatfelter의 합병을 통해 세계 최대의 부직포 회사로 부상했습니다. 새로운 법인은 2024년 11월 5일부터 NYSE에서 'MAGN'으로 거래를 시작합니다. 통합된 회사는 46개의 글로벌 제조 시설을 운영합니다 및 성인 배변 문제, 아기 돌봄, 여성 위생 및 의료 등 다양한 분야의 1,000명이 넘는 고객에게 서비스를 제공합니다. 역 모리스 트러스트 거래에 따라, Berry 주주들은 각 Berry 주식당 0.276305 Magnera 주식을 받았으며, 이는 Magnera의 90% 소유권에 해당하고, Glatfelter 주주들이 나머지를 소유하게 됩니다.
Magnera (NYSE: MAGN) est devenu le plus grand fabricant de produits non tissés au monde suite à la fusion entre la division Health, Hygiene and Specialties Global Nonwovens and Films de Berry Global Group et Glatfelter. La nouvelle entité commencera à être cotée à la NYSE sous le symbole 'MAGN' le 5 novembre 2024. La société combinée exploite 46 usines de fabrication à l'échelle mondiale servant plus de 1 000 clients dans divers secteurs, y compris l'incontinence adulte, les soins aux bébés, l'hygiène féminine et les soins de santé. Dans le cadre de la transaction Reverse Morris Trust, les actionnaires de Berry ont reçu 0,276305 actions Magnera pour chaque action Berry, représentant 90 % de la propriété de Magnera, les actionnaires de Glatfelter détenant le reste.
Magnera (NYSE: MAGN) ist nach der Fusion zwischen dem Geschäftsbereich Health, Hygiene and Specialties Global Nonwovens and Films der Berry Global Group und Glatfelter zum weltweit größten Unternehmen für Vliesstoffe geworden. Die neue Einheit wird am 5. November 2024 an der NYSE unter dem Symbol 'MAGN' handelbar sein. Das kombinierte Unternehmen betreibt 46 Produktionsstätten weltweit und bedient über 1.000 Kunden in verschiedenen Sektoren wie Erwachseneninkontinenz, Babypflege, Damenhygiene und Gesundheitswesen. Im Rahmen der Reverse Morris Trust-Transaktion erhielten die Berry-Aktionäre 0,276305 Magnera-Aktien für jede Berry-Aktie, was 90% der Anteile an Magnera entspricht, während die Glatfelter-Aktionäre den Rest besitzen.
- Creation of world's largest nonwovens company
- Extensive global presence with 46 manufacturing facilities
- Diversified customer base of 1,000+ clients
- Strong market positioning across multiple sectors
- Expanded product portfolio and technological capabilities
- Complex integration process ahead with large-scale merger
- Potential operational challenges in managing expanded global operations
Insights
This transformative merger creates the world's largest nonwovens company, significantly reshaping the specialty materials landscape. The deal structure as a Reverse Morris Trust transaction offers tax advantages while giving Berry shareholders a
The merger's strategic value lies in its potential for cost synergies, enhanced innovation capabilities and strengthened market position in both developed and emerging markets. The diverse business mix and broad technology platform should provide multiple growth vectors and improved pricing power. However, successful integration and maintaining operational efficiency across the expanded global footprint will be important challenges in the near term.
The formation of Magnera represents a significant consolidation in the specialty materials industry, creating a dominant player with enhanced competitive positioning. The merger combines complementary technologies and geographic footprints, potentially accelerating innovation in sustainable materials - a key growth driver in the sector. The expanded scale should improve purchasing power and operational efficiency while providing cross-selling opportunities across the combined customer base.
The timing aligns with increasing demand for specialty materials in healthcare, hygiene and infrastructure applications. The company's focus on innovation-driven growth and sustainability initiatives positions it well to capture emerging market opportunities. However, investors should monitor integration progress and potential market share responses from competitors.
CHARLOTTE, N.C., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Glatfelter Corporation (NYSE: GLT) is pleased to announce the successful completion of the merger between Berry Global Group Inc.’s (NYSE: BERY) Health, Hygiene and Specialties Global Nonwovens and Films business (the “HHNF Business”) and Glatfelter, resulting in the creation of Magnera (NYSE: MAGN) (pronounced ‘Mag-nair-uh’), 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, November 5, 2024.
Curt Begle, CEO of Magnera stated, “We are thrilled to announce the completion of this merger and the official launch of Magnera. As our name suggests, this marks the start of a magnificent new era in the specialty materials industry. The merger of Berry’s HHNF Business and Glatfelter forms a powerful, differentiated global leader committed to uniting cutting-edge technologies, strengthening partnerships with the world’s leading brands and expanding our global reach to serve fast-growing markets and highly profitable niches. This strategic combination enhances our ability to drive innovation and deliver unique solutions positioning Magnera to better serve our 1,000+ customers.”
Magnera brings together a diverse business and customer mix, with a broad platform of 46 global manufacturing facilities across an expanded portfolio of products and solutions, including adult incontinence, baby care, feminine hygiene, food and beverage, home and healthcare, infrastructure and wipes. Its leading polymer and fiber technologies, backed by an extensive patent portfolio, provide a broader range of solutions and greater customer choice, strengthening the company’s reach in developed and emerging markets across the globe.
Begle continued, “Magnera's purpose, promise and belief system has been carefully designed to resonate deeply with our stakeholders and embody our aspirations for growth and innovation. We will foster a culture where every partnership fuels possibilities and ongoing progress. By combining the strengths of our more than 9,000 global employees, we are well-positioned to build on our industry leadership and deliver unique solutions to address big problems.” The company aims to fuel its business success through organic investments in manufacturing and sustainability and pursuing innovation-driven growth in both existing and adjacent markets, including geographic expansion. By leveraging its innovative capabilities, Magnera will create unique solutions that deliver value, minimize environmental impact and enhance performance while capitalizing on strategic opportunities in related markets and regions.
Under terms of the transaction, which was structured as a Reverse Morris Trust transaction, stockholders of Berry received 0.276305 shares of Magnera for each share of Berry common stock they held as of November 1, 2024. As a result, Berry stockholders received 31,807,098 shares of Magnera, representing
About Magnera
Magnera (NYSE: MAGN) is formed from the spinoff and merger of Berry's HHNF Business with Glatfelter. The combined company serves 1,000+ customers worldwide, offering a wide range of products, including components for absorbent hygiene products, protective apparel, wipes, specialty building and construction products, and products serving the food and beverage industry.
Magnera's purpose is to better the world with new possibilities made real. For more than 160 years, the originating companies have delivered the material solutions their partners need to thrive. Through economic upheaval, global pandemics and changing end-user needs, they have consistently found ways to solve problems and exceed expectations. By bringing together these legacy companies, the distinct scale and comprehensive portfolio of products will bring customers more materials and choices. With a combined legacy of resilience, Magnera will build personal partnerships that withstand an ever-changing world.
Cautionary Statement Concerning Forward-looking Statements
Information set forth in this communication that are not historical, including any financial estimates and statements as to the effects of the transaction between Berry Global Group Inc., and Glatfelter Corporation constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These estimates and statements are subject to risks and uncertainties, and actual results might differ materially. Such estimates and statements include, but are not limited to, statements about the benefits of the transaction, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the management of Berry Global Group Inc., and Glatfelter Corporation and are subject to significant risks and uncertainties outside of our control. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: risks that the anticipated tax treatment of the transaction is not obtained; risks related to litigation brought in connection with the transaction; the risk that the integration of the combined company is more difficult, time consuming or costly than expected; risks related to financial community and rating agency perceptions of each of Berry and Glatfelter and its business, operations, financial condition and the industry in which they operate; risks related to disruption of management time from ongoing business operations due to the transaction; failure to realize the benefits expected from the transaction; effects of the completion of the transaction on the ability of the parties to retain customers and retain and hire key personnel and maintain relationships with their counterparties, and on their operating results and businesses generally.
These risks, as well as other risks associated with the transaction, are more fully discussed in the proxy statement/prospectus, registration statement on Form S-4 and the registration statement on Form 10 filed with the SEC in connection with the transaction. Discussions of additional risks and uncertainties are contained in Berry Global Group Inc.’s and Glatfelter Corporation’s filings with the Securities and Exchange Commission. Neither Berry Global Group Inc. nor Glatfelter Corporation is under any obligation, and each expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise. Persons reading this announcement are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof.
Contacts:
Magnera Corporation
Investor Contact: Robert Weilminster, +1 410-456-4315, ir@magnera.com
Global Media Contact: Kylee Agabashian, mediarelations@magnera.com
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