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EVANSVILLE - Berry Global and Glatfelter have passed an additional regulatory milestone in the proposed deal involving the combination of a majority of Berry’s Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business (HHNF) with Glatfelter.

In addition to the previously announced expiration of the required waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act, the parties have now received all other approvals and clearances under competition and foreign direct investment laws which were conditions to the consummation of the transaction.

As previously announced on February 7, 2024, 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 major, publicly-traded company in the specialty materials industry.

The transaction is expected to close in the second half of calendar 2024 and is subject to approval by Glatfelter shareholders and completion of the remaining customary closing conditions.

Berry announced in November 2023 that it was exploring strategic alternatives for its health and hygiene business, which is a major supplier to a broad range of end markets including healthcare, hygiene, consumer, building and construction, and industrials.

Under the terms of the deal, Berry is expected to receive net cash proceeds of approximately US$1 billion once the transaction closes. Berry shareholders will own 90% of the combined company's common shares with Glatfelter shareholders owning the remaining 10% of the combined company.

With unanimous approval from the boards of directors of both companies, the combined company will offer a highly complementary range of nonwovens and films including both polymer-based and fibre-based products, with significant geographic diversification and a presence in all major markets.

The remaining health and hygiene businesses, including Berry’s tapes business, will be retained by Berry.


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