Non-woven fabric manufacturers Berry and Glatfelt announce merger
The world's two largest non-woven fabric manufacturers will collaborate to create value for their shareholders and provide innovative solutions based on polymers and fibers to their customers. Berry International Group and Glatfelt have reached a final agreement.
Berry divested most of its business from its Healthcare, Hygiene, and Special Materials (HHS) division, including its Global Non-woven and Film business ("HHNF"), and merged with Glatfelt, a manufacturer of air-laid web non-woven and spunbond non-woven fabrics. This move will create a leading listed company in the special materials industry, now known as "NewCo". The board of directors of Berry and Glatfelt unanimously approved this transaction.
Both companies are headquartered in the United States and have a total of 45 production bases worldwide. They possess a range of non-woven and non-woven related technologies, mainly concentrated in the end markets of healthcare, hygiene, wet wipes, and specialty materials. After the transaction is completed, Berry and Glatfelt shareholders will respectively hold 90% and 10% of the merged company's shares. At delivery, Berry will receive approximately $1 billion in net cash flow.
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