Berry Global is spinning off much of its Health, Hygiene and Specialties segment and merging with a North Carolina-based company. WNIN’s John Gibson has details:
The Evansville-based plastics maker says it’s entered into an agreement with Glatfelter Corporation to create a leading, publicly-traded company that makes specialty materials.
Berry says the boards of Berry and Glatfelter unanimously approved the transaction.
The remaining Health, Hygiene & Specialties businesses, including Berry’s tapes business, will be retained by Berry Global.
Berry says the new, combined company will become a global leader in the growing specialty materials industry, serving the world’s largest brand owners.
There was no word of any impact on jobs at Berry.
Berry’s CEO, Kevin Kwilinski, says the two businesses combined can “drive significant value for shareholders” and develop “greater success.”