Glatfelter Corp. shareholders will have their say next month about the proposed merger with a portion of Berry Global Group Inc.
A special meeting of Glatfelter shareholders is scheduled for 8 a.m. Oct. 23 to consider whether to approve the deal that will see the company unite with portions of Berry that are being spun off.
A new company would include all of Glatfelter along with Berry's Health, Hygiene and Specialties global nonwovens and films business. The new company is to be called Magnera Corp.
Evansville, Ind.-based Berry, which had grown and diversified through a series of acquisitions over the years, is making the move to better focus on its global containers business.
Glatfelter shareholders of record on Sept. 3 are eligible to vote on the deal.
Magnera will be a $3.6 billion company, with Berry shareholders owning 90 percent of the firm and Glatfelter shareholders holding 10 percent. Berry will become a $10.2 billion company.
Glatfelter, a publicly traded nonwovens company based in Charlotte, N.C., will bring $1.4 billion in annual sales while Berry's divested businesses will add $2.2 billion, the companies have said.