Magnera is a specialty materials company that makes nonwoven and fiber-based substrates used in personal care and consumer products. Magnera was formed in November 2024 through the merger of Berry Global's Health, Hygiene and Specialties Nonwovens and Films business with Glatfelter. Magnera does not make finished consumer goods — it makes the intermediate material components that CPG companies use to produce items like diapers, wipes, incontinence products, filtration media, dryer sheets, tea bags, cable wrap, and building products like the TYPAR brand of housewraps. Magnera sells to over 1,000 customers across two segments: Americas (~57% of revenue, 22 facilities) and Rest of World (~43% of revenue, 23 facilities primarily in Europe). Raw materials — mainly polymer resins and fluff pulp — represent roughly 56% of cost of goods sold, and most customer contracts include pass-through mechanisms that shift input cost changes to customers, typically with a quarter or two of lag. Because Magnera's products go into everyday essentials, volumes are relatively stable. Margins are driven by product mix, raw material pass-through timing, and manufacturing efficiency. Magnera is currently focused on integrating the two merged businesses, targeting $55M in net synergies over three years and ~$20M in annual savings from a capacity rationalization program called Project CORE. Longer-term, Magnera aims to shift its portfolio toward higher-margin, differentiated products in areas like premium adult incontinence materials, spinlace wipes, specialty filtration, and infrastructure cable wrap.