Berry Global forms world-leading nonwovens firm after HHNF business spin-off
(Image credit: Magnera Corporation)The merger between Berry Global’s Health, Hygiene and Specialties Global Nonwovens and Films (HHNF) business and Glatfelter Corporation has been completed, resulting in the creation of Magnera Corporation. Magnera is described as the world’s largest nonwovens company, with a broad platform of solutions for the specialty materials industry.
The new company will begin trading on the NYSE under the new ticker symbol “MAGN” on Tuesday, November 5, 2024.
Berry CEO Kevin Kwilinski says: “With this move to optimize our portfolio, we solidify our position as a global leader of consumer-focused packaging solutions while enhancing the stability of our earnings, free cash flow and growth.”
“We are confident that employees transferring to Magnera will benefit from the new company’s strong leadership and focused capabilities, and we are grateful for their contributions.”
Yesterday, Berry completed the separation of HHNF through a spin-off of all the outstanding shares of its wholly owned subsidiary that owned HHNF (“Spinco”). Spinco was then merged into a wholly owned subsidiary of Magnera.
As a result of the transaction, each Berry stockholder received 0.276305 shares of Magnera and continued to hold the same number of shares in Berry they held prior to the transaction.
In other news, Berry Global recently launched an easy-squeeze ophthalmic 10 ml bottle qualified for use with Aptar Pharma’s globally recognized Ophthalmic Squeeze Dispenser. The ergonomic, pocket-size design maximizes user convenience and is optimized for flow control to support precise drop dispensing.
