Berry Global Announces Review of Strategic Alternatives for its Health, Hygiene and Specialties Segment
08 Setembro 2023 - 9:00AM
Business Wire
Berry Global Group, Inc. (NYSE: BERY) (“Berry” or the
“Company”), today announced that it has initiated a formal process
to evaluate strategic alternatives for its Health, Hygiene and
Specialties segment (“HH&S”).
HH&S is a leading provider of nonwovens, specialty films,
and tapes for a broad range of end markets, including healthcare,
hygiene, consumer, building and construction, and industrials. The
segment is well-positioned in its core businesses, providing
value-added products to many of the world’s leading brand
owners.
The Company is considering a wide range of available
alternatives to maximize shareholder value, including, but not
limited to, a sale, strategic partnership or joint venture,
spin-off to shareholders, or other separation transaction for some
or all of the businesses within HH&S. Importantly, the Company
expects current members of the HH&S leadership team will
continue to lead the business in any anticipated outcome.
“An ongoing objective of the Berry Board is to constantly look
for ways to drive long-term value for our stakeholders, which
includes continuously evaluating our portfolio to ensure the
Company is best positioned to execute on its strategic objectives,”
said Tom Salmon, Berry Chairman and Chief Executive Officer.
“Following an extensive analysis by the Board and management team,
with support from our incoming CEO Kevin Kwilinski, we have decided
to explore strategic alternatives for the HH&S businesses as we
continue to seek to enhance value through strategic portfolio
management. As always, we will be disciplined throughout this
process and will only take actions that we believe are in the best
interest of the Company and our stakeholders.”
There is no deadline or definitive timetable set for completion
of the strategic alternatives process. There can be no assurance
any proposal will be made or accepted, any agreement will be
executed, or any transaction will be consummated, in connection
with this review. Berry does not intend to make further
announcements regarding the review of strategic alternatives unless
and until the Board approves a specific transaction or otherwise
determines further disclosure is appropriate or necessary.
The Board has retained Citigroup Global Markets, Inc. and Wells
Fargo Securities, LLC as its financial advisors, and Bryan Cave
Leighton Paisner LLP as its legal advisor to assist with the
strategic alternatives process.
About Berry Global
At Berry Global Group, Inc. (NYSE: BERY), we create innovative
packaging and engineered products that we believe make life better
for people and the planet. We do this every day by leveraging our
unmatched global capabilities, sustainability leadership, and deep
innovation expertise to serve customers of all sizes around the
world. Harnessing the strength in our diversity and
industry-leading talent of 40,000 global employees across more than
250 locations, we partner with customers to develop, design, and
manufacture innovative products with an eye toward the circular
economy. The challenges we solve and the innovations we pioneer
benefit our customers at every stage of their journey. For more
information, visit our website, or connect with us on LinkedIn or
Twitter. (BERY- F)
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version on businesswire.com: https://www.businesswire.com/news/home/20230908504220/en/
Investor Contact: Dustin Stilwell +1 812.306.2964
ir@berryglobal.com
Media Contact: Amy Waterman +1 812.306.2435
mediarelations@berryglobal.com
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