CHARLOTTE, N.C. - Glatfelter Corporation (NYSE: GLT), a global supplier of engineered materials, today announced key leadership roles for its upcoming merger with a segment of Berry Global's Health, Hygiene, and Specialties business. The merger, which includes Berry's Global Nonwovens and Films business, is set to create a new combined company ("NewCo").
Kevin M. Fogarty, who has been serving as the Non-Executive Chair of Glatfelter's Board since August 2022, will continue in this role for NewCo. Fogarty brings a wealth of experience from his previous leadership roles, including as President, CEO, and Director of Kraton (NYSE:KRA) Corporation, Inc., and his current positions as non-executive Chair of the Board of Directors for Ecovyst Inc. (NYSE: ECVT) and director of OPAL Fuels, Inc. (Nasdaq: OPAL).
James M. Till, currently serving as the Executive Vice President and Controller of Berry, will assume the role of Executive Vice President, Chief Financial Officer & Treasurer for NewCo upon completion of the merger. Till's progression at Berry since 2008 has equipped him with extensive knowledge in finance and accounting, which he will oversee in his new position.
Tarun Manroa, who is Berry's Executive Vice President and Chief Strategy Officer, will become the Executive Vice President, Chief Operating Officer for NewCo. Manroa's tenure at Berry since 2005 has seen him advance through various roles, including plant leadership and product management, culminating in P&L responsibilities as the Executive Vice President & General Manager for Berry's Engineered Materials Division.
These appointments were announced as part of a collaborative effort by the Boards of Directors of Berry and Glatfelter, along with Glatfelter's CEO, Thomas Fahnemann. The leadership team is being structured to leverage the combined talents of both organizations to position NewCo for success.
Ramesh Shettigar and Boris Illetschko, Glatfelter's current Senior Vice President, Chief Financial Officer & Treasurer, and Senior Vice President, Chief Operating Officer, respectively, will continue their roles until the merger is finalized. They are expected to play essential roles in preparing Glatfelter's business for the integration.
The information provided is based on a press release statement from Glatfelter Corporation.
InvestingPro Insights
As Glatfelter Corporation (NYSE: GLT) prepares for its pivotal merger with a segment of Berry Global's Health, Hygiene, and Specialties business, investors and stakeholders are closely monitoring the company's financial health and market position. According to InvestingPro data, Glatfelter currently boasts a market capitalization of 79.91 million USD, reflecting the scale of its operations within the engineered materials sector.
The company's financial performance leading up to the last quarter of 2023 shows a revenue of 1385.52 million USD, although it's important to note a decline in revenue growth by -7.1% over the same period. This contraction aligns with the broader industry trends and could be a focal point for the new leadership team in strategizing post-merger growth. The Gross Profit Margin stands at 9.36%, which indicates the company's profitability in relation to its revenue.
InvestingPro Tips suggest that while the company's P/E ratio is currently negative at -1.01, indicating that the market has concerns about its earnings, the InvestingPro Fair Value metric is 2.52 USD, which suggests a potential undervaluation of the stock. This discrepancy between the market price and the fair value could present an opportunity for investors who believe in the long-term prospects of the newly formed company.
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