Magnera Corp (MAGN): restructuring charge — Glatfelter sells Ober-Schmitten facility to Ostrest GmbH; expects ~$15M loss

Magnera Corp

Sale of Ober-Schmitten GmbH and related Asia distributor operations to Ostrest GmbH effective Aug. 15, 2023.
Glatfelter receives no proceeds and expects to record a loss of approx. $15M on the sale.
Prior closure plan reversed; employee separation charges of ~$10.4M will be reversed in Q3 2023 financials.
Other associated costs of ~$0.4M not reversed; no additional costs expected beyond transition services.
Site remains fully operational under new ownership; transition services through Dec. 2023 (may extend to Mar. 2024).

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 $15 million affecting Glatfelter Ober-Schmitten GmbH (Ober-Schmitten facility in Germany) and related distributor operations in Asia (approximately $10.4 million of cash expenses in connection with employee separation benefits).

Type: restructuring
Charge: approximately $15 million
Affected area: Glatfelter Ober-Schmitten GmbH (Ober-Schmitten facility in Germany) and related distributor operations in Asia
Headcount: approximately $10.4 million of cash expenses in connection with employee separation benefits

Exact text from the filing

The Company will not receive any proceeds from the sale and expects to record a loss of approximately $15 million on the sale.

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Source: SEC EDGAR

accession 0000041719-23-000038

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