Berry Global Group, Inc. (BERY) announced on Wednesday that it agreed with Glatfelter Corp. to spin off and merge most of its Health, Hygiene, and Specialties or HH & S division, including its Global Nonwovens and Films business or HHNF, with Glatfelter.
This move aims to establish a specialty materials industry company that will be publicly traded, with a transaction valued at $3.6 billion.
The transaction, structured as a Reverse Morris Trust, is expected to be tax-free for Berry, Glatfelter, and their shareholders for U.S. federal income tax purposes.
The new company, which will be named and rebranded after the transaction, will be overseen by Curt Begle, the current President of HH&S at Berry.
Upon closing, Berry shareholders will own 90% and Glatfelter shareholders will own 10% of the combined entity.
The transaction is slated to be finalized in the second half of 2024.
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