~ Kevin M. Fogarty to function Non-Govt Chair of the Board of Administrators for the proposed newly mixed firm
~ James M. Until to function Govt Vice President, Chief Monetary Officer & Treasurer
~ Tarun Manroa to function Govt Vice President, Chief Working Officer
CHARLOTTE, N.C., April 11, 2024 (GLOBE NEWSWIRE) — Glatfelter Company (NYSE: GLT), a number one international provider of engineered supplies, in anticipation of the beforehand introduced proposed merger of nearly all of Berry International’s Well being, Hygiene, and Specialties phase to incorporate its International Nonwovens and Movies (“HHNF”) enterprise with Glatfelter, is happy to announce at the moment key management appointments, along with the beforehand introduced appointment of Mr. Curt Begle, Berry’s present President of Well being, Hygiene & Specialties division, because the Chief Govt Officer of the newly mixed firm (“NewCo”).
Mr. Kevin M. Fogarty will proceed to serve Glatfelter within the position of Non-Govt Chair of the Board of Administrators of NewCo. Since August 2022, Kevin has served because the Non-Govt Chair of Glatfelter’s Board of Administrators and has been an integral a part of Glatfelter’s enterprise since becoming a member of the Firm’s Board in 2011. Kevin has intensive management expertise having served as President, Chief Govt Officer and Director of Kraton Company, Inc. till his retirement in March 2022. Additionally, Kevin at the moment serves as non-executive Chair of the Board of Administrators for Ecovyst Inc. (NYSE: ECVT), a number one built-in and progressive international supplier of specialty catalysts and providers. He’s additionally a director of OPAL Fuels, Inc. (Nasdaq: OPAL), a vertically built-in producer and distributor of renewable pure fuel.
Mr. James M. Until (Jim) can be appointed to the position of Govt Vice President, Chief Monetary Officer & Treasurer for NewCo, efficient upon the closing of the proposed transaction. Jim at the moment serves because the Govt Vice President and Controller (Principal Accounting Officer) of Berry. Jim joined Berry in 2008 as Director, Company Accounting, then progressed to Vice President, Finance & Treasury in 2010, earlier than transferring into his present position in 2014. As Govt Vice President, Chief Monetary Officer & Treasurer for NewCo, Jim will oversee all finance and accounting capabilities, together with tax, treasury, and planning, and can report on to Curt Begle, CEO of NewCo.
As well as, Mr. Tarun Manroa can be appointed to the position of Govt Vice President, Chief Working Officer for NewCo, efficient upon the closing of the proposed transaction. Tarun at the moment serves because the Govt Vice President and Chief Technique Officer for Berry the place he leads the Company Growth / M&A, International Procurement, Branding & Advertising and marketing, and Sustainability capabilities. Tarun joined Berry in 2005 in an engineering position and progressed via roles in plant management, product administration, and provide chain. Previous to his present position, Tarun had P&L tasks because the Govt Vice President & Common Supervisor for Berry’s Engineered Supplies Division.
“Immediately’s announcement is the primary of a number of key management appointments because the Board of Administrators of Berry and Glatfelter, together with Glatfelter’s CEO, Thomas Fahnemann, and I proceed to collaborate on designing a company that greatest positions NewCo for achievement by utilizing the mixed skills of each organizations. I’m more than happy with the prospects of getting Kevin Fogarty’s intensive and steadfast management expertise on the helm of NewCo’s Board of Administrators. Additionally, I’m grateful that Jim and Tarun have accepted management roles in NewCo as I extremely worth them for his or her excellent management abilities and deep information of Berry’s HHNF enterprise. I’ve personally labored with each Jim and Tarun throughout our mixed tenures at Berry and believe that they’ll serve the shareholders of NewCo fairly nicely,” stated Mr. Curt Begle, President of Berry’s Well being, Hygiene & Specialties division and incoming CEO of NewCo.
Mr. Ramesh Shettigar, Glatfelter’s present Senior Vice President, Chief Monetary Officer & Treasurer, together with Mr. Boris Illetschko, Glatfelter’s Senior Vice President, Chief Working Officer, will proceed of their respective roles till the consummation of the proposed transaction. Each Mr. Shettigar and Mr. Illetschko will play a significant position in working Glatfelter’s enterprise in preparation for the mixing of the mixed enterprise.
Cautionary Assertion Regarding Ahead-Wanting Statements
Statements on this launch that aren’t historic, together with statements regarding the anticipated timing, completion and results of the proposed transaction between Berry International Group, Inc., a Delaware company (“Berry”), and Glatfelter Company, a Pennsylvania company (“Glatfelter” or the “Firm”), are thought of “forward-looking” throughout the which means of the federal securities legal guidelines and are introduced pursuant to the secure harbor provisions of the Personal Securities Litigation Reform Act of 1995. You may determine forward-looking statements as a result of they include phrases akin to “believes,” “expects,” “could,” “will,” “ought to,” “would,” “may,” “seeks,” “roughly,” “intends,” “plans,” “estimates,” “tasks,” “outlook,” “anticipates” or “trying ahead,” or comparable expressions that relate to technique, plans, intentions, or expectations. All statements regarding estimates and statements concerning the anticipated timing and construction of the proposed transaction, the flexibility of the events to finish the proposed transaction, advantages of the transaction, together with future monetary and working outcomes, govt and Board transition concerns, the mixed firm’s plans, targets, expectations and intentions, and different statements that aren’t historic information are forward-looking statements. As well as, senior administration of Berry and Glatfelter, on occasion could make forward-looking public statements regarding anticipated future operations and efficiency and different developments.
Precise outcomes could differ materially from these which can be anticipated as a consequence of quite a lot of components, together with with out limitation: the prevalence of any occasion, change or different circumstances that might give rise to the termination of the proposed transaction; the danger that Glatfelter shareholders could not approve the transaction proposals; the danger that the required regulatory approvals is probably not obtained or could also be obtained topic to circumstances that aren’t anticipated or could also be delayed; dangers that any of the opposite closing circumstances to the proposed transaction is probably not happy in a well timed method; dangers that the anticipated tax therapy of the proposed transaction just isn’t obtained; dangers associated to potential litigation introduced in reference to the proposed transaction; uncertainties as to the timing of the consummation of the proposed transaction; sudden prices, expenses or bills ensuing from the proposed transaction; dangers and prices associated to the implementation of the separation of the enterprise, operations and actions that represent the worldwide nonwovens and hygiene movies enterprise of Berry (the “HHNF Enterprise”) into Treasure Holdco, Inc., a Delaware company and a completely owned subsidiary of Berry (“Spinco”), together with timing anticipated to finish the separation; any adjustments to the configuration of the companies included within the separation if applied; the danger that the mixing of the mixed firm is tougher, time consuming or pricey than anticipated; dangers associated to monetary neighborhood and ranking company perceptions of every of Berry and Glatfelter and its enterprise, operations, monetary situation and the {industry} by which they function; dangers associated to disruption of administration time from ongoing enterprise operations because of the proposed transaction; failure to appreciate the advantages anticipated from the proposed transaction; results of the announcement, pendency or completion of the proposed transaction on the flexibility of the events to retain clients and retain and rent key personnel and keep relationships with their counterparties, and on their working outcomes and companies typically; and different danger components detailed on occasion in Glatfelter’s and Berry’s experiences filed with the Securities and Trade Fee (“SEC”), together with annual experiences on Type 10-Ok, quarterly experiences on Type 10-Q, present experiences on Type 8-Ok and different paperwork filed with the SEC. These dangers, in addition to different dangers related to the proposed transaction, can be extra absolutely mentioned within the registration statements, proxy assertion/prospectus and different paperwork that can be filed with the SEC in reference to the proposed transaction. The foregoing listing of necessary components could not include the entire materials components which can be necessary to you. New components could emerge on occasion, and it isn’t doable to both predict new components or assess the potential impact of any such new components. Accordingly, readers mustn’t place undue reliance on these statements. All forward-looking statements are primarily based upon info out there as of the date hereof. All forward-looking statements are made solely as of the date hereof and neither Berry nor Glatfelter undertake any obligation to replace or revise any forward-looking assertion because of new info, future occasions or in any other case, besides as in any other case required by regulation.
Extra Info and The place to Discover It
This communication could also be deemed to be solicitation materials in respect of the proposed transaction between Berry and Glatfelter. In reference to the proposed transaction, Berry and Glatfelter intend to file related supplies with the SEC, together with a registration assertion on Type S-4 by Glatfelter that may include a proxy assertion/prospectus regarding the proposed transaction. As well as, Spinco expects to file a registration assertion in reference to its separation from Berry. This communication just isn’t an alternative choice to the registration statements, proxy assertion/prospectus or some other doc which Berry and/or Glatfelter could file with the SEC. STOCKHOLDERS OF BERRY AND GLATFELTER ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Buyers and safety holders will be capable to receive copies of the registration statements and proxy assertion/prospectus (when out there) in addition to different filings containing details about Berry and Glatfelter, in addition to Spinco, with out cost, on the SEC’s web site, www.sec.gov. Copies of paperwork filed with the SEC by Berry or Spinco can be made out there freed from cost on Berry’s investor relations web site at www.ir.berryglobal.com. Copies of paperwork filed with the SEC by Glatfelter can be made out there freed from cost on Glatfelter’s investor relations web site at www.glatfelter.com/traders.
No Provide or Solicitation
This communication is for informational functions solely and isn’t meant to and doesn’t represent a suggestion to promote, or the solicitation of a suggestion to promote, subscribe for or purchase, or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or switch of securities in any jurisdiction by which such supply, sale or solicitation could be illegal, previous to registration or qualification underneath the securities legal guidelines of any such jurisdiction. No supply or sale of securities shall be made besides by the use of a prospectus assembly the necessities of Part 10 of the Securities Act of 1933, as amended, and in any other case in accordance with relevant regulation.
Members in Solicitation
Berry and its administrators and govt officers, and Glatfelter and its administrators and govt officers, could also be deemed to be members within the solicitation of proxies from the holders of Glatfelter frequent inventory and/or the providing of securities in respect of the proposed transaction. Details about the administrators and govt officers of Berry, together with an outline of their direct or oblique pursuits, by safety holdings or in any other case, is about forth underneath the caption “Safety Possession of Useful Homeowners and Administration” within the definitive proxy assertion for Berry’s 2024 Annual Assembly of Stockholders, which was filed with the SEC on January 4, 2024 (www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/information/0001378992/000110465924001073/tm2325571d6_def14a.htm). Details about the administrators and govt officers of Glatfelter together with an outline of their direct or oblique pursuits, by safety holdings or in any other case, is about forth underneath the caption “Safety Possession of Sure Useful Homeowners and Administration” within the proxy assertion for Glatfelter’s 2024 Annual Assembly of Shareholders, which was filed with the SEC on March 26, 2024 (www.sec.gov/ix?doc=/Archives/edgar/information/0000041719/000004171924000013/glt-20240322.htm). As well as, Curt Begle, the present President of Berry’s Well being, Hygiene & Specialties Division, can be appointed as Chief Govt Officer, James M. Until, the present Govt Vice President and Controller of Berry, can be appointed as Govt Vice President, Chief Monetary Officer & Treasurer, and Tarun Manroa, the present Govt Vice President and Chief Technique Officer of Berry, can be appointed as Govt Vice President, Chief Working Officer, of the mixed firm. Buyers could receive further info concerning the curiosity of such members by studying the proxy assertion/prospectus concerning the proposed transaction when it turns into out there.
About Berry
At Berry International Group, Inc. (NYSE: BERY), we create progressive packaging options that we consider make life higher for individuals and the planet. We do that on daily basis by leveraging our unmatched international capabilities, sustainability management, and deep innovation experience to serve clients of all sizes world wide. Harnessing the power in our range and industry-leading expertise of over 40,000 international staff throughout greater than 250 places, we associate with clients to develop, design, and manufacture progressive merchandise with an eye fixed towards the round economic system. The challenges we remedy and the improvements we pioneer profit our clients at each stage of their journey. For extra info, go to our website, or join with us on LinkedIn or Twitter. (BERY-F)
About Glatfelter
Glatfelter is a number one international provider of engineered supplies with a powerful give attention to innovation and sustainability. The Firm’s high-quality, technology-driven, progressive, and customizable nonwovens options may be present in merchandise which can be Enhancing On a regular basis Life®. These embrace private care and hygiene merchandise, meals and beverage filtration, vital cleansing merchandise, medical and private safety, packaging merchandise, in addition to residence enchancment and industrial functions. Headquartered in Charlotte, NC, the Firm’s 2023 income was $1.4 billion with roughly 2,980 staff worldwide. Glatfelter’s operations make the most of quite a lot of manufacturing applied sciences together with airlaid, wetlaid and spunlace with fifteen manufacturing websites positioned in the USA, Canada, Germany, France, Spain, the UK, and the Philippines. The Firm has gross sales workplaces in all main geographies serving clients underneath the Glatfelter and Sontara® manufacturers. Extra details about the Firm could also be discovered on our web site at www.glatfelter.com or join with us on LinkedIn.
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