Wednesday, October 30, 2024
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Glatfelter Reports Third Quarter 2024 Results

~ Transaction closing and transition to Magnera scheduled for November 4th ~

2024 Third Quarter Highlights:

  • Generated net sales of ~$332 million and a GAAP net loss from continuing operations of $20.0 million
  • Delivered Adjusted EBITDA of $24.6 million, compared to $25.5 million in Q3 2023
  • Spunlace generated $4.8 million EBITDA despite hurricane downtime, a $2.5 million increase over Q3 ’23
  • Airlaid Materials achieved EBITDA of $18.0 million, a $0.7 million decrease from Q3 ’23
  • Composite Fibers delivered EBITDA of $10.1 million, a $1.1 million decrease from Q3 ’23, due to new sanctions

CHARLOTTE, N.C., Oct. 30, 2024 (GLOBE NEWSWIRE) — Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today announced its financial results for the third quarter ended September 30, 2024. This disclosure marks the Company’s final earnings release prior to completing its merger with the majority of Berry Global’s Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business (“HHNF”) to create Magnera, a global leader in the specialty materials industry. As previously disclosed, the transaction has met all closing conditions, including the support of Glatfelter shareholders, and is expected to close on November 4, 2024.

Commenting on Glatfelter’s third quarter performance, Thomas Fahnemann, President and CEO of Glatfelter said, “Despite ongoing external pressures, Glatfelter’s solid third quarter results demonstrated continued resilience and progress in its core business segments. While we faced new headwinds in Composite Fibers during the third quarter from additional sanctions in wallcover, the underlying operational performance of the segment continued to improve. In Airlaid, we were able to leverage stronger order patterns in feminine hygiene and tabletop categories that supported the recovery of our European business from earlier in 2024, thereby driving sequential improvements in EBITDA of $2.9 million. In Spunlace, we delivered $4.8 million EBITDA despite impact from Hurricane Helene at our Asheville facility. Fortunately, all employees remained safe during this unprecedented natural disaster.”

Mr. Fahnemann added, “As we close the legacy Glatfelter chapter and prepare for a new future under Magnera, I want to recognize the efforts of our employees. Together we have overcome significant challenges and succeeded in turning around this business. We are now well positioned for continued growth and innovation with a platform to leverage Glatfelter’s heritage and expertise to contribute to the success of Magnera. It’s been a pleasure and a privilege to serve as CEO during this critical time and I want to thank all Glatfelter stakeholders for their trust and support.”

    Three months ended September 30,
Dollars in thousands     2024       2023  
         
Net sales   $ 332,101     $ 329,921  
Net loss from continuing operations     (20,002 )     (19,680 )
Adjusted loss from continuing operations (1)     (11,805 )     (10,372 )
EPS from continuing operations     (0.44 )     (0.43 )
Adjusted EPS (1)     (0.26 )     (0.23 )
Adjusted EBITDA (1)     24,585       25,467  

(1) Adjusted EBITDA, adjusted loss from continuing operations and adjusted EPS are non-GAAP financial measures. See “Reconciliation of GAAP Financial information to Non-GAAP Financial information” later in this earnings release for further information.

Third Quarter Results

The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:

    Three months ended September 30,
      2024       2023  
In thousands, except per share   Amount   EPS   Amount   EPS
                 
Net loss   $ (15,247 )   $ (0.33 )   $ (19,863 )   $ (0.43 )
Exclude: (Income) loss from discontinued operations, net of tax (1)     (4,755 )     (0.11 )     183        
Loss from continuing operations     (20,002 )     (0.44 )     (19,680 )     (0.43 )
Adjustments (pre-tax):                
Strategic initiatives (2)     8,020           488      
Turnaround strategy costs (3)               372      
Ober-Schmitten divestiture (4)               8,055      
CEO transition costs (5)               (54 )    
Timberland sales and related costs               (688 )    
Total adjustments (pre-tax)     8,020           8,173      
Income taxes (6)     (77 )         928      
Other tax adjustments (7)     254           207      
Total after-tax adjustments     8,197       0.18       9,308       0.21  
Adjusted loss from continuing operations   $ (11,805 )   $ (0.26 )   $ (10,372 )   $ (0.23 )

(1) In Q3 2024, we recognized a $6.5 million gain, less applicable legal fees, related to the settlement of a legal dispute with a manufacturer for equipment supplied and installed at our former Specialty Papers business.
(2) For 2024, primarily reflects consulting and legal fees associated with the pending Berry HHNF merger of $6.9 million, and personnel retention, to offset the risk of potential employee departures due to the pending transaction, of $0.7 million, and a contract settlement of $0.4 million. For 2023, primarily reflects professional fees (tax and IT) of $0.4 million and other costs of $0.1 million.
(3) Reflects employee separation costs of $0.4 million.
(4) Reflects loss on sale of $17.8 million partially offset by a benefit of $10.3 million related to the reversal of employee separation expenses recorded in Q2 2023 in anticipation of the closure of the facility, and legal fees of $0.5 million.
(5) Reflects a reduction in expected benefit costs of $0.1 million related to the former CEO’s separation.
(6) Tax effect on adjustments calculated based on the incremental effective tax rate of the jurisdiction in which each adjustment originated. For items originating in the U.S., no tax effect is recognized due to the previously established valuation allowance on the net deferred tax assets.
(7) Tax effect of applying certain provisions of the CARES Act of 2020.

A description of each of the adjustments presented above is included later in this release.

Airlaid Materials

    Three months ended September 30,
Dollars in thousands     2024       2023     Change
                   
Tons shipped (metric)     39,069       40,076       (1,007 )   (2.5 )%
Net sales   $ 138,306     $ 147,014     $ (8,708 )   (5.9 )%
Operating income     10,343       11,196       (853 )   (7.6 )%
EBITDA     17,999       18,749       (750 )   (4.0 )%
EBITDA %     13.0 %     12.8 %          
                           

Airlaid Materials’ third quarter net sales decreased $8.7 million in the year-over-year comparison mainly driven by lower selling prices from cost pass-through arrangements as raw materials input costs declined compared to last year. Shipments were 2.5% lower mainly driven by declines in the hygiene categories primarily due to pricing actions taken in 2023 to retain margins. Currency translation was favorable by $0.6 million.

Airlaid Materials’ third quarter EBITDA of $18.0 million was $0.8 million lower when compared to the third quarter of 2023. Selling price decreases for pass-through contracts and lower energy surcharges were a combined $7.8 million, but were mostly offset by lower raw material and energy costs of $6.4 million. Lower shipments primarily in hygiene categories negatively impacted results by approximately $0.7 million. Operations were favorable by $0.9 million. Currency and related hedging positively impacted earnings by $0.5 million.

Composite Fibers

    Three months ended September 30,
Dollars in thousands     2024       2023     Change
                 
Tons shipped (metric)     22,862       22,188       674     3.0 %
Net sales   $ 113,689     $ 109,715     $ 3,974     3.6 %
Operating income     6,292       7,268       (976 )   (13.4 )%
EBITDA     10,102       11,166       (1,064 )   (9.5 )%
EBITDA %     8.9 %     10.2 %        
                         

Composite Fibers’ net sales were $4.0 million lower in the third quarter of 2024, compared to the year-ago quarter. Shipments were higher 3.0% largely driven by the composite laminates, food and beverage and metallized categories but were partially offset by lower wallcover shipments as a result of additional sanctions impacting sales to our Eastern European customers. Currency translation was favorable by $0.7 million.

Composite Fibers had EBITDA for the third quarter of $10.1 million compared with $11.2 million EBITDA in the third quarter of 2023. Price-cost gap was unfavorable for the quarter by $3.5 million as input costs were higher year over year and selling prices were lower due to a lag in pass-through to our floating customers. Higher shipments in inclined wire categories despite weaker wallcover shipments and the absence of the Ober-Schmitten business combined improved income by $1.7 million. Operations were favorable by $0.5 million, mainly driven by higher inclined wire production. The impact of currency and related hedging positively impacted earnings by $0.2 million.

Spunlace

    Three months ended September 30,
Dollars in thousands     2024       2023     Change
                 
Tons shipped (metric)     14,699       14,436       263     1.8 %
Net sales   $ 80,443     $ 73,791     $ 6,652     9.0 %
Operating income (loss)     1,324       (1,053 )     2,377     225.7 %
EBITDA     4,771       2,236       2,535     113.4 %
EBITDA %     5.9 %     3.0 %        
                         

Spunlace’s net sales were $6.7 million higher in the third quarter of 2024 compared to the year-ago quarter, mainly driven by higher Sontara sales that has higher average selling price compared to the hygiene and wipes categories. Currency translation was slightly favorable by $0.2 million.

Spunlace EBITDA was higher by $2.5 million compared to the same period last year. Lower selling prices and energy surcharges were more than offset by lower raw material and energy costs, resulting in earnings improvement of $0.6 million. Higher shipments and favorable mix driven by higher Sontara sales improved operating income by approximately $0.8 million. Overall, operations were favorable by $1.0 million driven by higher Sontara production to meet customer demand and more than offset the unfavorable impact from idle time in Asheville site due to the hurricane. Currency positively impacted earnings by $0.1 million.

In September 2024, our Asheville facility was impacted by Hurricane Helene. Fortunately, our facility avoided property damage, however, performance was impacted for four days in Q3. Due to lack of access to water, the facility remained idle through the month of October; however we anticipate operations and shipments will resume in early November.

Other Financial Information

The amount of operating expense not allocated to a reporting segment in the Segment Financial Information totaled $15.0 million in the third quarter of 2024 compared with $14.8 million in the same period a year ago. Excluding the items identified to present “adjusted earnings,” unallocated expenses for the third quarter of 2024 increased $0.4 million compared to the third quarter of 2023.

In the third quarter of 2024, our U.S. GAAP pre-tax loss from continuing operations totaled $18.5 million and we recorded an income tax provision of $1.5 million, which primarily related to the tax provision for foreign jurisdictions, reserves for uncertain tax positions, and valuation allowances for domestic and foreign jurisdiction losses for which no tax benefit could be recognized. The comparable amounts in the same quarter of 2023 were a pre-tax loss of $16.4 million and an income tax provision of $3.3 million.

Balance Sheet and Other Information

Cash and cash equivalents totaled $41.6 million and $50.3 million as of September 30, 2024 and December 31, 2023, respectively. Total debt was $887.6 million and $860.3 million as of September 30, 2024 and December 31, 2023, respectively. Net debt was $846.0 million as of September 30, 2024 compared with $810.1 million at the end of 2023. Leverage as calculated in accordance with the financial covenants of our bank credit agreement was in compliance at 3.8 times at September 30, 2024.

Capital expenditures during the nine months ended September 30, 2024 and 2023 totaled $21.7 million and $25.2 million, respectively. Cash used by operating activities for the nine months ended September 30, 2024 and 2023 was $8.4 million and $42.0 million, respectively. Adjusted free cash flow for the nine months ended September 30, 2024 was a use of $15.0 million compared with a use of $50.9 million for the same period in 2023. (Net debt and adjusted free cash flow are non-GAAP financial measures. See “Reconciliations of GAAP Financial Information to Non-GAAP Financial Information” later in this earnings release for further information).

Glatfelter Corporation and subsidiaries
Consolidated Statements of Operations
(unaudited)
 
  Three months ended September 30,   Nine months ended September 30,
In thousands, except per share   2024       2023       2024       2023  
               
Net sales $ 332,101     $ 329,921     $ 988,800     $ 1,065,134  
Costs of products sold   296,620       285,434       882,022       966,300  
Gross profit   35,481       44,487       106,778       98,834  
Selling, general and administrative expenses   32,511       24,714       97,988       84,098  
Loss on sale of Ober-Schmitten and other non-strategic operation         17,805             17,805  
Losses (gains) on dispositions of plant, equipment and timberlands, net   (1 )     (685 )     70       (1,350 )
Operating income (loss)   2,971       2,653       8,720       (1,719 )
Non-operating income (expense)              
Interest expense   (18,404 )     (17,386 )     (53,989 )     (47,241 )
Interest income   237       329       771       1,159  
Other, net   (3,316 )     (1,948 )     (7,852 )     (8,271 )
Total non-operating expense   (21,483 )     (19,005 )     (61,070 )     (54,353 )
Loss from continuing operations before income taxes   (18,512 )     (16,352 )     (52,350 )     (56,072 )
Income tax provision   1,490       3,328       9,597       13,421  
Loss from continuing operations   (20,002 )     (19,680 )     (61,947 )     (69,493 )
               
Discontinued operations:              
Income (loss) before income taxes   4,755       (183 )     4,074       (894 )
Income tax provision                      
Loss from discontinued operations   4,755       (183 )     4,074       (894 )
Net loss $ (15,247 )   $ (19,863 )   $ (57,873 )   $ (70,387 )
               
Basic earnings per share              
Loss from continuing operations $ (0.44 )   $ (0.43 )   $ (1.37 )   $ (1.54 )
Income (loss) from discontinued operations   0.11             0.09       (0.02 )
Basic loss per share $ (0.33 )   $ (0.43 )   $ (1.28 )   $ (1.56 )
               
Diluted earnings per share              
Loss from continuing operations $ (0.44 )   $ (0.43 )   $ (1.37 )   $ (1.54 )
Income (loss) from discontinued operations   0.11             0.09       (0.02 )
Diluted loss per share $ (0.33 )   $ (0.43 )   $ (1.28 )   $ (1.56 )
               
Weighted average shares outstanding              
Basic   45,442       45,099       45,322       45,033  
Diluted   45,442       45,099       45,322       45,033  

Segment Financial Information
(unaudited)
 
  Three months ended September 30,   Nine months ended September 30,
In thousands, except per share   2024       2023       2024       2023  
               
Net Sales              
Airlaid Material $ 138,306     $ 147,014     $ 400,419     $ 458,966  
Composite Fibers   113,689       109,715       347,054       368,031  
Spunlace   80,443       73,791       242,770       239,934  
Inter-segment sales elimination   (337 )     (599 )     (1,443 )     (1,797 )
Total $ 332,101     $ 329,921     $ 988,800     $ 1,065,134  
               
Operating income (loss)              
Airlaid Material $ 10,343     $ 11,196     $ 22,806     $ 34,836  
Composite Fibers   6,292       7,268       20,582       14,293  
Spunlace   1,324       (1,053 )     6,348       (4,390 )
Other and unallocated   (14,988 )     (14,758 )     (41,016 )     (46,458 )
Total $ 2,971     $ 2,653     $ 8,720     $ (1,719 )
               
Depreciation and amortization              
Airlaid Material $ 7,656     $ 7,553     $ 22,922     $ 22,876  
Composite Fibers   3,810       3,898       11,238       11,760  
Spunlace   3,447       3,289       10,147       9,857  
Other and unallocated   916       953       2,818       2,901  
Total $ 15,829     $ 15,693     $ 47,125     $ 47,394  
               
Capital expenditures              
Airlaid Material $ 3,286     $ 2,625     $ 6,948     $ 7,039  
Composite Fibers   2,540       2,579       8,613       8,352  
Spunlace   2,198       2,271       4,964       7,481  
Other and unallocated   499       296       1,170       2,357  
Total $ 8,523     $ 7,771     $ 21,695     $ 25,229  
               
Tons shipped (metric)              
Airlaid Material   39,069       40,076       115,205       119,149  
Composite Fibers   22,862       22,188       73,599       71,972  
Spunlace   14,699       14,436       46,727       46,047  
Inter-segment sales elimination   (164 )     (328 )     (830 )     (925 )
Total   76,466       76,372       234,701       236,243  

Selected Financial Information
(unaudited)
 
    Nine months ended September 30,
In thousands     2024       2023  
         
Cash Flow Data        
Cash from continuing operations provided (used) by:        
Operating activities   $ (8,397 )   $ (41,955 )
Investing activities     (20,782 )     (28,694 )
Financing activities     17,770       10,987  
         
Depreciation, depletion and amortization     47,125       47,394  
Capital expenditures     (21,695 )     (25,229 )

  September 30, 2024   December 31, 2023
Balance Sheet Data      
Cash and cash equivalents $ 41,635     $ 50,265  
Total assets   1,521,623       1,563,796  
Total debt   887,590       860,318  
Shareholders’ equity   206,700       256,854  
               

Reconciliation of GAAP Financial Information to Non-GAAP Financial Information

This press release includes measures of earnings before the effects of certain specifically identified items, which are referred to as adjusted earnings and Adjusted EBITDA, both non-GAAP measures. The Company uses non-GAAP adjusted earnings and Adjusted EBITDA to supplement the understanding of its consolidated financial statements presented in accordance with GAAP. Non-GAAP adjusted earnings is meant to present the financial performance of the Company’s core operations, which consist of the production and sale of engineered materials. EBITDA is a measure used by management to assess our operating performance and is calculated using income (loss) from continuing operations and excludes interest expense, interest income, income taxes, and depreciation and amortization. Adjusted EBITDA is calculated using EBITDA and further excludes certain items management considers to be unrelated to the Company’s core operations. Management and the Company’s Board of Directors use non-GAAP adjusted earnings and Adjusted EBITDA to evaluate the performance of the Company’s fundamental business in relation to prior periods and established business plans. For purposes of determining adjusted earnings and Adjusted EBITDA, the following items are excluded:

  • Strategic initiatives. These adjustments primarily reflect professional and legal fees and other costs incurred which are directly related to evaluating and executing certain strategic initiatives including costs associated with the Berry HHNF merger.
  • Turnaround Strategy costs. This adjustment reflects costs incurred in connection with the Company’s Turnaround Strategy initiated in 2022 under its new chief executive officer to drive operational and financial improvement. These costs are primarily related to professional services fees and employee separation costs.
  • Ober-Schmitten divestiture. This adjustment reflects employee separation costs and professional and other costs directly associated with the divestiture of the Ober-Schmitten, Germany facility.
  • CEO transition costs. This adjustment reflects a reduction in expected benefit costs related to the former CEO’s separation in 2023.
  • COVID-19 ERC recovery. This adjustment reflects the benefit recognized from employee retention credits claimed under the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 and professional services fees directly associated with claiming this benefit.
  • Timberland sales and related costs. These adjustments exclude gains from the sales of timberlands as these items are not considered to be part of our core business, ongoing results of operations or cash flows. These adjustments are irregular in timing and amount and may benefit our operating results.

Unlike net income determined in accordance with GAAP, non-GAAP adjusted earnings and Adjusted EBITDA do not reflect all charges and gains recorded by the Company for the applicable period and, therefore, does not present a complete picture of the Company’s results of operations for the respective period. However, non-GAAP adjusted earnings and Adjusted EBITDA provide a measure of how the Company’s core operations are performing, which management believes is useful to investors because it allows comparison of such operations from period to period. Non-GAAP adjusted earnings and Adjusted EBITDA should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with GAAP.

Adjusted EBITDA % is the calculation of Adjusted EBITDA divided by net sales.

Although the Company provides guidance for Adjusted EBITDA, it is not able to provide guidance for net income, the most directly comparable GAAP measure. Certain elements of the composition of net income, including income tax expense, are not predictable, making it impractical for us to provide guidance on net income or to reconcile our Adjusted EBITDA guidance to net income without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information regarding net income, which could be material to future results.

Calculation of Adjusted Free Cash Flow
In thousands
  Nine months ended September 30,
    2024       2023  
         
Cash used by operations   $ (8,397 )   $ (41,955 )
Capital expenditures     (21,695 )     (25,229 )
Free cash flow     (30,092 )     (67,184 )
Adjustments:        
Turnaround strategy costs     2,975       12,773  
Strategic initiatives     9,032       1,420  
Ober-Schmitten divestiture           570  
Cost optimization actions           179  
Restructuring charge – metallized operations           39  
CEO transition costs     1,431       8,198  
Fox River environmental matter     1,636       525  
COVID-19 ERC recovery           (6,586 )
Tax payments (refunds) on adjustments to adjusted earnings     7       (861 )
Adjusted free cash flow   $ (15,011 )   $ (50,927 )

Net Debt
In thousands
  September 30, 2024   December 31, 2023
         
Short-term debt   $ 7,607     $ 6,150  
Current portion of long-term debt           1,005  
Long-term debt, net of current portion     879,983       853,163  
Total     887,590       860,318  
Less: Cash     (41,635 )     (50,265 )
Net Debt   $ 845,955     $ 810,053  

Adjusted EBITDA   Three months ended September 30,   Nine months ended September 30,
In thousands     2024       2023       2024       2023  
                 
Net loss   $ (15,247 )   $ (19,863 )   $ (57,873 )   $ (70,387 )
Exclude: (Income) loss from discontinued operations, net of tax     (4,755 )     183       (4,074 )     894  
Add back: Taxes on continuing operations     1,490       3,328       9,597       13,421  
Depreciation and amortization     15,829       15,693       47,125       47,394  
Interest expense, net     18,167       17,057       53,218       46,082  
EBITDA     15,484       16,398       47,993       37,404  
Adjustments:                
Strategic initiatives     8,020       488       23,024       2,158  
Turnaround strategy costs           370       449       7,566  
Ober-Schmitten divestiture           8,055             18,797  
Debt refinancing                       59  
CEO transition costs           (54 )           579  
Share-based compensation     1,081       898       2,550       2,205  
COVID-19 ERC recovery                       41  
Timberland sales and related costs           (688 )           (1,305 )
Adjusted EBITDA   $ 24,585     $ 25,467     $ 74,016     $ 67,504  
                   

Reconciliation of Operating Profit to EBITDA by Segment(1)   Three months ended September 30,
In thousands     2024       2023  
         
Airlaid Materials        
Operating profit   $ 10,343     $ 11,196  
Add back: Depreciation & amortization     7,656       7,553  
EBITDA   $ 17,999     $ 18,749  
         
Composite Fibers        
Operating profit   $ 6,292     $ 7,268  
Add back: Depreciation & amortization     3,810       3,898  
EBITDA   $ 10,102     $ 11,166  
         
Spunlace        
Operating profit (loss)   $ 1,324     $ (1,053 )
Add back: Depreciation & amortization     3,447       3,289  
EBITDA   $ 4,771     $ 2,236  

(1) For our segment results, segment EBITDA is reconciled to segment operating profit, which is the most comprehensive financial measure for our segments.

Adjusted Corporate Unallocated Expenses   Three months ended September 30,
In thousands     2024       2023  
         
Other and unallocated operating loss   $ (14,988 )   $ (14,758 )
Adjustments:        
Strategic initiatives     8,020       488  
Turnaround strategy costs           372  
Ober-Schmitten divestiture           8,055  
CEO transition costs           (54 )
Timberland sales and related costs           (688 )
Adjusted corporate unallocated expenses   $ (6,968 )   $ (6,585 )
 

Caution Concerning Forward-Looking Statements

Any statements included in this press release that pertain to future financial and business matters are “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. The Company uses words such as “anticipates”, “believes”, “expects”, “future”, “intends”, “plans”, “targets”, and similar expressions to identify forward-looking statements. Any such statements are based on the Company’s current expectations and are subject to numerous risks, uncertainties and other unpredictable or uncontrollable factors that could cause future results to differ materially from those expressed in the forward-looking statements. The risks, uncertainties and other unpredictable or uncontrollable factors are described in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”) in the Risk Factors section and under the heading “Forward-Looking Statements” in the Company’s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the SEC’s website at www.sec.gov. In light of these risks, uncertainties and other factors, the forward-looking matters discussed in this press release may not occur and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation, and does not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release.

About Glatfelter

Glatfelter is a leading global supplier of engineered materials with a strong focus on innovation and sustainability. The Company’s high quality, technology-driven, innovative, and customizable nonwovens solutions can be found in products that are Enhancing Everyday Life®. These include personal care and hygiene products, food and beverage filtration, critical cleaning products, medical and personal protection, packaging products, as well as home improvement and industrial applications. Headquartered in Charlotte, NC, the Company’s 2023 net sales were $1.4 billion. As of September 30, 2024, we employed approximately 2,867 employees worldwide. Glatfelter’s operations utilize a variety of manufacturing technologies including airlaid, wetlaid and spunlace with fifteen manufacturing sites located in the United States, Canada, Germany, the United Kingdom, France, Spain, and the Philippines. The Company has sales offices in all major geographies serving customers under the Glatfelter and Sontara® brands. Additional information about Glatfelter may be found at www.glatfelter.com.

Contacts:  
Investors: Media:
Ramesh Shettigar Eileen L. Beck
(717) 225-2746 (717) 225-2793
[email protected] [email protected]

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