Announcement • Nov 06

Health, Hygiene and Specialties Global Nonwovens and Films Business of Berry Global Group, Inc. completed the acquisition of Glatfelter Corporation (NYSE:GLT).

Health, Hygiene and Specialties Global Nonwovens and Films Business of Berry Global Group, Inc. entered into definitive agreement to acquire Glatfelter Corporation (NYSE:GLT) for approximately $550 million on February 6, 2024. Under the agreement, Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business (“HHNF”) with Glatfelter, to create a leading, publicly traded company in the specialty materials industry. Transaction values the combined company at $3.6 billion on an enterprise value basis. As part of the agreement in aggregate 429 million shares will be issued as consideration. The transaction is being structured as a Reverse Morris Trust transaction and is intended to be tax-free to Berry, Glatfelter and their respective shareholders for U.S. federal income tax purposes. Berry and Glatfelter shareholders to own 90% and 10% of the combined company, respectively. Berry to receive an approximate net $1 billion cash distribution at closing. The new, publicly-traded company, which will be renamed and rebranded by transaction close, will be led by Curt Begle, Berry’s current President of HH&S, who will serve as Chief Executive Officer. Prior to the completion of the Merger, Glatfelter and HHNF will continue to operate as independent companies. The new combined company (“NewCo”) will become a global leader in the growing specialty materials industry, serving the world’s largest brand owners across global end markets with favorable long-term growth dynamics. The Board of Directors of the combined company will initially be comprised of nine total members, consisting of six designated by Berry and three designated by Glatfelter. The chairman will be designated by Glatfelter. Acquired business reported a revenue of $2.2 billion and EBITDA of $290 million for the year ended December 31, 2023. Upon the termination of the RMT Transaction Agreement under specified circumstances, Glatfelter will be required to pay the Company a termination fee of $10 million, or the Company will be required to pay Glatfelter a termination fee of $10 million. Completion of the Merger is subject to the satisfaction or waiver of certain closing conditions, including, among other things, consummation of the Distribution; approval of the required transactions by Glatfelter’s shareholders; the listing of Glatfelter common stock issuable to holders of Spinco Common Stock on the NYSE; receipt of applicable regulatory approvals, including the expiration or early termination of the statutory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other required regulatory approvals; the effectiveness of the registration statements to be filed by Glatfelter and Spinco with the Securities and Exchange Commission (the “SEC”) pursuant to the RMT Transaction Agreement. The Boards of Directors of Berry and Glatfelter have unanimously approved the transaction. As of April 17, 2024, Berry Global Group and Glatfelter achieved regulatory milestone in the proposed transaction. In April, the Company achieved a regulatory milestone with the expiration of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. Closing of the transaction is expected to occur in the second half of calendar 2024. The transaction is expected to be leverage neutral to Berry. As of June 25, 2024, 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. 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. As of October 22, 2024, the spin-off and merger of Berrys HHNF Business with Glatfelter are expected to be completed on November 4, 2024, subject to the satisfaction or waiver of the closing conditions for the transaction. As previously announced, in connection with the merger, Glatfelter will effect a reverse stock split and change its name to Magnera Corporation (Magnera). Subject to the satisfaction or waiver of the closing conditions, on November 4, 2024, (1) Berry will distribute all of the shares of stock of its wholly owned subsidiary that owns the HHNF Business (Spinco) to Berry stockholders as of the close of business on the November 1, 2024 record date by means of a pro rata distribution, (2) Spinco will merge into a subsidiary of Magnera, and (3) the shares of Spinco distributed to Berry stockholders will convert into the right to receive Magnera shares. The spin-off and merger remain subject to the satisfaction or waiver of certain conditions including, but not limited to, approval by Glatfelter shareholders of certain matters related to the transactions. If the closing conditions are not satisfied or waived in advance of November 1, 2024, Berry may elect to change the record date to a later date. As of October 23, 2024, Glatfelter’s shareholders have approved all matters relating to the merger of Berry’s Health, Hygiene and Specialties Global Nonwovens and Films business. The transaction is expected to close on November 4, 2024, subject to the satisfaction or waiver of the closing conditions for the transaction. The Board of Directors of Glatfelter approved a final reverse stock split ratio of 1-for-13. Citigroup Global Markets Inc. and Wells Fargo are serving as financial advisors to Berry, and Bryan Cave Leighton Paisner LLP is serving as legal advisor to Berry. J.P. Morgan Securities LLC is serving as financial advisor and fairness opinion provider to Glatfelter, and Jonathan Newton and Rob Leclerc of King & Spalding LLP are serving as legal advisor. Computershare Trust Company, N.A. acted as transfer agent to Glatfelter. MacKenzie Partners, Inc. acted as proxy solicitor to Glatfelter. Computershare Trust Company, Glatfelter’s transfer agent, is acting as the Exchange Agent for the reverse split. Glatfelter has agreed that it will pay MacKenzie Partners, Inc. a fee of $16,000 plus certain fees and expenses for these services associated with the Glatfelter special meeting. KPMG Corporate Finance LLC acted as financial advisor to Berry and McDermott Will & Emery LLP acted as legal advisor to Glatfelter. Health, Hygiene and Specialties Global Nonwovens and Films Business of Berry Global Group, Inc. completed the acquisition of Glatfelter Corporation (NYSE:GLT) on November 4, 2024. Berry’s Health, Hygiene and Specialties Global Nonwovens and Films business and Glatfelter Corporation will merge resulting in the creation of Magnera Corporation (NYSE: MAGN). Magnera will begin trading on the NYSE under the new ticker symbol “MAGN” on Tuesday, November 5, 2024.

Snowflake Score
Valuation	5/6
Future Growth	3/6
Past Performance	0/6
Financial Health	3/6
Dividends	0/6

Historical stock prices
Current Share Price	US$11.50
52 Week High	US$15.52
52 Week Low	US$7.82
Beta	0
1 Month Change	-6.81%
3 Month Change	-4.33%
1 Year Change	3.05%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-46.51%

	MAGN	US Forestry	US Market
7D	-1.7%	0.7%	-0.2%
1Y	3.0%	-12.8%	12.1%

MAGN volatility
MAGN Average Weekly Movement	5.9%
Forestry Industry Average Movement	5.4%
Market Average Movement	6.8%
10% most volatile stocks in US Market	15.1%
10% least volatile stocks in US Market	2.9%

MAGN fundamental statistics
Market cap	US$411.70m
Earnings (TTM)	-US$112.00m
Revenue (TTM)	US$3.28b

Key profitability statistics from the latest earnings report (TTM)
MAGN income statement (TTM)
Revenue	US$3.28b
Cost of Revenue	US$2.89b
Gross Profit	US$392.00m
Other Expenses	US$504.00m
Earnings	-US$112.00m

Earnings per share (EPS)	-3.13
Gross Margin	11.94%
Net Profit Margin	-3.41%
Debt/Equity Ratio	186.9%

Data	Last Updated (UTC time)
Company Analysis	2026/09/20 02:34
End of Day Share Price	2026/09/18 00:00
Earnings	2026/06/27
Annual Earnings	2025/09/27

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Magnera (MAGN) Stock Overview

Rewards

Risk Analysis

Analyst Price Targets

Adult Incontinence And PFAS Free Healthcare Barriers Will Define This Long Term Opportunity

Premium Hygiene Demand And Sustainable Materials Will Support A Positive Long Term Outlook

Slow Adoption Of Higher Value Materials Will Pressure Margins Before Long Term Benefits Arrive

Top Analyst Narratives

Adult Incontinence And PFAS Free Healthcare Barriers Will Define This Long Term Opportunity

Premium Hygiene Demand And Sustainable Materials Will Support A Positive Long Term Outlook

Slow Adoption Of Higher Value Materials Will Pressure Margins Before Long Term Benefits Arrive

Magnera Corporation Competitors

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Price History & Performance

Recent News & Updates

Magnera Corporation: Executing But Abandoned

Magnera Corporation Reported A Surprise Loss, And Analysts Have Updated Their Forecasts

MAGN: Industrial Wipers Portfolio Consolidation Will Support Higher Margins

Now 23% undervalued

Magnera Corporation to Report Q3, 2026 Results on Aug 06, 2026

Price target increased by 14% to US$16.00

Recent updates

Magnera Corporation: Executing But Abandoned

Magnera Corporation Reported A Surprise Loss, And Analysts Have Updated Their Forecasts

MAGN: Industrial Wipers Portfolio Consolidation Will Support Higher Margins

Now 23% undervalued

Magnera Corporation to Report Q3, 2026 Results on Aug 06, 2026

Price target increased by 14% to US$16.00

Magnera Corporation Introduces Universa Consolidated Range of Industrial Wipers

Second quarter 2026 earnings: EPS and revenues miss analyst expectations

Magnera Corporation to Report Q2, 2026 Results on May 07, 2026

Adult Incontinence And PFAS Free Healthcare Barriers Will Define This Long Term Opportunity

Slow Adoption Of Higher Value Materials Will Pressure Margins Before Long Term Benefits Arrive

Price target decreased by 18% to US$14.00

First quarter 2026 earnings released: US$0.95 loss per share (vs US$1.70 loss in 1Q 2025)

Magnera Corporation Appoints Erin Maile as Executive Vice President, Chief Accounting Officer, Effective February 2, 2026

Magnera Corporation to Report Q1, 2026 Results on Feb 05, 2026

Now 24% undervalued

Price target increased by 24% to US$15.50

Magnera Introduces Innovative Solution for Healthcare and Beyond, Focusing on Safety and Sustainability

Magnera Corporation, Annual General Meeting, Mar 09, 2026

Magnera Corporation Provides Earnings Guidance for the Year 2026

Magnera Corporation to Report Q4, 2025 Results on Nov 20, 2025

Magnera Corporation Announces Executive Changes

Magnera Announces Strategic Exit from Argentina as Part of Project Core Transformation

Now 21% undervalued after recent price drop

New major risk - Revenue and earnings growth

Third quarter 2025 earnings: EPS and revenues miss analyst expectations

Magnera Corporation to Report Q3, 2025 Results on Aug 06, 2025

New minor risk - Share price stability

Director recently bought US$203k worth of stock

Consensus EPS estimates fall by 119%

Director exercised options to buy US$82k worth of stock.

CEO, President & Director recently bought US$284k worth of stock

Second quarter 2025 earnings: EPS and revenues miss analyst expectations

Magnera Corporation to Report Q2, 2025 Results on May 07, 2025

Does Magnera (NYSE:MAGN) Have A Healthy Balance Sheet?

Director recently bought US$407k worth of stock

CEO, President & Director recently bought US$501k worth of stock

New major risk - Financial position

Magnera Corporation to Report Q1, 2025 Results on Feb 06, 2025

Now 21% undervalued

Magnera: This Spinoff Is A Buy

Now 22% undervalued

Health, Hygiene and Specialties Global Nonwovens and Films Business of Berry Global Group, Inc. completed the acquisition of Glatfelter Corporation (NYSE:GLT).

Shareholder Returns

Price Volatility

About the Company

Magnera Corporation Fundamentals Summary

Earnings & Revenue

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources