Required waiting period for transaction has expired
Berry Global Group, Inc. and Glatfelter Corporation have achieved a milestone in the proposed transaction involving the combination of the majority of Berry’s Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business (“HHNF”) with Glatfelter, with the expiration of the required waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act.
As announced in February, Berry and Glatfelter entered into a definitive agreement under which Berry will spin-off and merge its HHNF business with Glatfelter in a Reverse Morris Trust transaction. The transaction will create a leading, publicly-traded company in the specialty materials industry and is expected to close in the second half of calendar 2024, subject to approval by Glatfelter shareholders and completion of customary closing conditions.
Together, the two companies, which are both based in the U.S., operate 45 manufacturing sites globally, spanning a range of nonwovens and nonwovens-adjacent technologies focused strongly on healthcare, hygiene, wipes and specialty end markets. Following the deal, Berry shareholders will control 90% of the company. Curt Begel, president of Berry’s HHS business, will serve as CEO of the new company, while the upper management team will consist of a combination of Berry and Glatfelter executives. Combined revenues were reported at $3.6 billion.
Glatfelter announced additional leadership roles for the new company earlier this month.
