Magnera Corp 8-K/A, filed Jan 14, 2022

Magnera Corp (MAGN)

8-K/A 2022-01-14 For: 2021-10-29

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Added on April 09, 2026

About this 8-K/A

Magnera Corp filed this 8-K/A on January 14, 2022, reporting on events of October 29, 2021.

Items reported

Item 9.01: Financial statements and exhibits

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☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


23.1			Consent of PwC
99.1			A udited consolidated financial state ments Jacob Holm as of December 31, 202 0 a nd 20 19 an d for the years then e nded.
99.2			Unaudited financial statements of Jacob Holm as of June 30, 2021 and for the six month periods ended June 30, 2021 and 2020.
99.3			Unaudited condensed combined financial information for the year ended December 31, 2020 and as of and for the six months ended June 30, 2021.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).


	Glatfelter Corporation

January 14, 2022	By:	/s/ David C. Elder

		Name: David C. Elder
		Title: Vice President, Finance and Chief Accounting Officer (Principal accounting officer)


	Historical (1)
In thousands, except per share	Glatfelter		Mount Holly - three months ended March 31, 2021 (2)		Mount Holly - April 1, 2021 to May 13, 2021 (2)		Jacob Holm U.S. GAAP (3)		Transaction Adjustments (4)			Glatfelter Pro Forma Combined
Net sales	$	470,585	$	20,957	$	9,541	$	189,365	$	—		$	690,448
Costs of products sold	395,735		17,215		10,609		160,295		(384)		(4a)	583,470
Gross profit	74,850		3,742		(1,068)		29,070		384			106,978
Selling, general and administrative expenses	51,811		2,077		1,153		19,418		(3,682)		(4c)	70,777
Gains on dispositions of plant, equipment and timberlands, net	(2,403)		—		133		—		—			(2,270)
Operating income	25,442		1,665		(2,354)		9,652		4,066			38,471
Non-operating income (expense)
Interest expense	(3,303)		—		—		(3,366)		(9,292)		(4e)	(15,961)
Interest income	31		—		—		4		—			35
Other, net	(1,073)		—		(123)		2,467		—			1,271
Total non-operating expense	(4,345)		—		(123)		(895)		(9,292)			(14,655)
Income (loss) before income taxes	21,097		1,665		(2,477)		8,757		(5,226)			23,816
Income tax provision (benefit)	11,211		408		(594)		1,165		(1,266)		(4g)	10,924
Income (loss) from continuing operations	$	9,886	$	1,257	$	(1,883)	$	7,592	$	(3,960)		$	12,892


Earnings per share
Basic	$	0.22										0.29
Diluted	0.22											0.29

Weighted average shares outstanding
Basic	44,507											44,507
Diluted	44,865											44,865


	Historical (5)
In thousands, except per share	Glatfelter		Mount Holly (6)		Jacob Holm U.S. GAAP (7)		Transaction Adjustments (8)			Glatfelter Pro Forma Combined
Net sales	$	916,498	$	101,169	$	403,911	$	—		$	1,421,578
Costs of products sold	768,629		80,497		339,071		(2,654)		(4b)	1,185,543
Gross profit	147,869		20,672		64,840		2,654			236,035
Selling, general and administrative expenses	100,045		9,879		32,177		18,613		(4d)	160,714
Gains on dispositions of plant, equipment and timberlands, net	(1,332)		545		—		—			(787)
Operating income	49,156		10,248		32,663		(15,959)			76,108
Non-operating income (expense)
Interest expense	(7,022)		—		(7,660)		(17,158)		(4f)	(31,840)
Interest income	399		—		250		—			649
Pension settlement	(6,154)		—		—		—			(6,154)
Other, net	(4,020)		(123)		(7,939)		—			(12,082)
Total non-operating expense	(16,797)		(123)		(15,349)		(17,158)			(49,427)
Income (loss) before income taxes	32,359		10,125		17,314		(33,117)		(4g)	26,681
Income tax provision (benefit)	11,576		3,061		5,280		(2,532)			17,385
Income (loss) from continuing operations	$	20,783	$	7,064	$	12,034	$	(30,585)		$	9,296


Earnings per share
Basic	$	0.47								0.21
Diluted	0.47									0.21

Weighted average shares outstanding
Basic	44,339									44,339
Diluted	44,614									44,614


Date of Report (Date of Earliest Event Reported):						October 29, 2021


In thousands	Glatfelter Historical (9)		Jacob Holm Historical U.S. GAAP (10)		Transaction Accounting Adjustments (11)			Transaction Financing	Pro Forma for the Transactions
Assets
Cash and cash equivalents	$	84,164	$	8,707	$	(43,740)	(4h)		$	49,131
Accounts receivable, net	144,155		32,126		—				176,281
Inventories	220,206		41,990		5,539		(4i)		267,735
Prepaid expenses and other current assets	43,578		5,569		—				49,147
Total current assets	492,103		88,392		(38,201)			0	542,294

Plant, equipment and timberlands, net	621,103		146,655		13,676		(4i)		781,434
Goodwill	195,461		—		72,991		(4i)		268,452
Intangible assets, net	95,022		2,531		68,729		(4i)		166,282
Other assets	56,401		7,160		20,000		(4i)		83,561
Total assets	$	1,460,090	$	244,738	$	137,195		0	$	1,842,023

Liabilities and Shareholders' Equity
Current portion of long-term debt	$	24,267	$	—	$	—			$	24,267
Short-term debt	11,884		13,700		—				25,584
Accounts payable	122,834		24,897		—				147,731
Dividends payable	6,233		—		—				6,233
Environmental liabilities	3,206		—		—				3,206
Other current liabilities	73,930		17,844		(2,168)				89,606
Total current liabilities	242,354		56,441		(2,168)			0	296,627

Long-term debt	445,261		151,219		119,923		(4j)		716,403
Deferred income taxes	77,123		—		13,070		(4i)		90,193
Other long-term liabilities	124,107		8,408		41,543		(4i)		174,058
Total liabilities	888,845		216,068		172,368			0	1,277,281

Commitments and contingencies	—		—		—			0	—

Shareholders’ equity
Common stock	544		—		—				544
Capital in excess of par value	62,796		—		—				62,796
Retained earnings	720,934		28,670		(35,173)		(4k)		714,431
Accumulated other comprehensive loss	(64,813)		—		—				(64,813)
	719,461		28,670		(35,173)			0	712,958
Less cost of common stock in treasury	(148,216)		—		—				(148,216)
Total shareholders’ equity	571,245		28,670		(35,173)			0	564,742
Total liabilities and shareholders’ equity	$	1,460,090	$	244,738	$	137,195		0	$	1,842,023


	For the six months ended June 30, 2021
In thousands	Jacob Holm Group IFRS (i)			U.S. GAAP Adjustments			Jacob Holm Group Adjusted for U.S. GAAP		Reclass			Translation to U.S. Dollars		Jacob Holm Group U.S. GAAP
Net sales	€	157,058		€	—		€	157,058	€	—		$	32,307	$	189,365
Costs of products sold	132,815			133		(ii)	132,948		—			27,347		160,295
Gross profit (loss)	24,243			(133)			24,110		—			4,960		29,070
Selling and marketing expenses	4,208			—			4,208		11,897			3,313		19,418
Administrative expenses	10,292			—			10,292		(10,292)			—		—
Other operating income and expense	373			—			373		(373)			—		—
Operating income (loss)	9,370			(133)			9,237		(1,232)			1,647		9,652
Non-operating income (expense)
Interest expense	(3,157)		(i)	133		(ii)	(3,024)		232		(ii)	(574)		(3,366)
Interest income	2,281		(i)	—			2,281		(2,278)		(ii)	1		4
Other, net	(1,232)		(i)	—			(1,232)		3,278			421		2,467
Total non-operating expense	(2,108)			133			(1,975)		1,232			(152)		(895)
Income before income taxes	7,261			—			7,262		—			1,495		8,757
Income tax provision	966			—			966		—			199		1,165
Income from continuing operations	€	6,295		€	—		€	6,296	€	—		$	1,296	$	7,592


Euros, In thousands		As reported in Jacob Holm Financial Statements
Financial Statement Line Item				Jacob Holm Group IFRS presented above
Jacob Holm	Glatfelter		Reclassification
Special items, net	—	(1,232)	1,232	—
Financial income	Interest income	2,281		2,281
Financial expense	Interest expense	(3,157)		(3,157)
—	Other, net	—	(1,232)	(1,232)
		2,108	—	(2,108)


	For the year ended December 31, 2020
In thousands	Jacob Holm Group IFRS			U.S. GAAP Adjustments			Jacob Holm Group Adjusted for U.S. GAAP		Reclass			Translation to U.S. Dollars		Jacob Holm Group U.S. GAAP
Net sales	€	353,904		€	—		€	353,904	€	—		$	50,007	$	403,911
Costs of products sold	296,752			340		(iv)	297,092		—			41,979		339,071
Gross profit (loss)	57,152			(340)			56,812		—			8,028		64,840
Selling and marketing expenses	7,540			—			7,540		20,653			3,984		32,177
Administrative expenses	18,909			—			18,909		(18,909)			—		—
Other operating income and expense	50			—			50		(50)			—		—
Operating income (loss)	30,653			(340)			30,313		(1,694)			4,044		32,663
Non-operating income (expense)
Interest expense	(14,008)		(iv)	340		(v)	(13,668)		6,956		(vi)	(948)		(7,660)
Interest income	219		(iv)	—			219		—			31		250
Other, net	(1,694)		(iv)	—			(1,694)		(5,262)			(983)		(7,939)
Total non-operating expense	(15,483)			340			(15,143)		1,694			(1,900)		(15,349)
Income before income taxes	15,170			—			15,170		—			2,144		17,314
Income tax provision (benefit)	4,626			—			4,626		—			654		5,280
Income from continuing operations	€	10,544		€	—		€	10,544	€	—		$	1,490	$	12,034


In thousands	Depreciation & amortization		Lease expense		Total
Eliminate Mount Holly historical expenses	$	(1,792)	$	—	$	(1,792)
Eliminate Jacob Holm historical expenses	(5,277)		—		(5,277)
Transaction-related depreciation - Mount Holly	3,109		—		3,109
Transaction-related depreciation & amortization - Jacob Holm	3,528		—		3,528
Record estimated lease expense related to Mount Holly	—		48		48
Total	$	(432)	$	48	$	(384)


In thousands	Transaction costs		Intangible asset amortization		Total
Transaction-related amortization - Mount Holly	$	—	$	909	$	909
Transaction-related amortization - Jacob Holm	—		1,537		1,537
Expenses directly related to the Transactions included in Glatfelter historical amounts and assumed to be recorded in 2020 for pro forma purposes	(6,128)		—		(6,128)
Total	$	(6,128)	$	2,446	$	(3,682)


In thousands
Eliminate Jacob Holm historical interest expense	$	(3,366)
Incremental expense associated with Bond offering	12,658
Adjustment to interest expense	$	9,292


In thousands
Total consideration	$	303,951
Less: Debt repaid	(148,959)
	154,992
Less book value of net assets acquired	(28,670)
Purchase price in excess of book value of net assets acquired	$	126,322


In thousands
Inventory	$	5,539
Property, plant and equipment	13,676
Intangible assets - customer relationships, technical know-how, patents and trademarks	68,729
Goodwill	72,991
Indemnification asset	20,000
Total assets	180,935

Deferred income taxes	13,070
Other long-term liabilities	41,543
Total liabilities	54,613
Total preliminary purchase price allocation	$	126,322