Magnera Corp (MAGN): restructuring charge — Glatfelter estimates $10.4M cash severance costs for Germany facility closure

Magnera Corp

Estimate includes $10.4M cash expenses for employee severance and benefits at Ober-Schmitten, Germany facility.
Additional $0.4M non-cash shutdown costs recognized in Q2 2023 financials.
Negotiations with Works Council ongoing; total costs may change.
Operations expected to cease in Q3 2023 with decommissioning to follow.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Magnera Corp announced a restructuring with charges of approximately $10.4 million of cash expenses in connection with employee severance and benefit costs affecting Ober-Schmitten, Germany facility.

Type: restructuring
Charge: approximately $10.4 million of cash expenses in connection with employee severance and benefit costs
Affected area: Ober-Schmitten, Germany facility

Exact text from the filing

The Company now estimates that it will incur approximately $10.4 million of cash expenses in connection with employee severance and benefit costs associated with the termination of the employees at the Facility and will recognized an expense for this amount in its second quarter 2023 financial statements for the three and six months ended June 30, 2023 included in its second quarter 2023 Form 10-Q.

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Source: SEC EDGAR

accession 0000041719-23-000033

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