Berry Global, Glatfelter complete deal that creates Magnera

Earlier this week, Glatfelter (GLT) announced the successful completion of the merger between Berry Global’s (BERY) Health, Hygiene and Specialties Global Nonwovens and Films business and Glatfelter, resulting in the creation of Magnera (MAGN), which was identified as “the largest nonwovens company in the world, with a broad platform of solutions for the specialty materials industry.” Magnera began trading on the NYSE under the new ticker symbol “MAGN” on Tuesday, November 5. 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. As a result, Berry stockholders received 31,807,098 shares of Magnera, representing 90% of Magnera shares on a fully diluted basis. Glatfelter’s existing shareholders own the remainder of Magnera. All share amounts reflect the 1-for-13 reverse stock split effected November 4. 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.”