Today techs Glatfelter Suspends Dividend as A part of Capital Allocation

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CHARLOTTE, N.C., Sept. 21, 2022 (GLOBE NEWSWIRE) — Glatfelter Company (“Glatfelter” or “the Firm”) (NYSE: GLT), a number one international provider of engineered supplies, right this moment introduced that the Board of Administrators has suspended the Firm’s quarterly money dividend as a part of its centered efforts to optimize the operational and monetary outcomes of the enterprise.

Kevin M. Fogarty, today techs Non-Government Chair of Glatfelter’s Board today techs of Administrators mentioned, “This can be a prudent step that can redirect capital again to the enterprise at a crucial juncture for the Firm. With enhanced monetary flexibility, we shall be higher positioned to make the modifications and investments wanted to drive enhancements all through the enterprise whereas navigating the continuing international geopolitical and financial challenges. The Board of today techs Administrators is assured the administration group beneath Thomas Fahnemann’s management, has the suitable focus and experience to efficiently enhance Glatfelter’s near-term profitability and drive long-term worth for our shareholders.”

Thomas Fahnemann, Chief Government Officer of Glatfelter mentioned, “The Board’s disciplined method to capital allocation extends throughout our complete today techs enterprise. Our administration group is extremely centered on accelerating the crucial pricing actions, operational enhancements and price financial savings initiated earlier this yr. We’re additionally lively in figuring out extra alternatives to drive efficiencies and synergies to additional offset the continuing impacts from unprecedented vitality costs and uncooked materials inflation. We stay dedicated to servicing our clients as we optimize our portfolio to additional maximize our profitability.”

The dividend suspension will unencumber roughly $25 million yearly in money stream. Glatfelter final issued a $0.14 per share money dividend on excellent widespread inventory to eligible shareholders on August 1, 2022.

The Firm advises shareholders that it expects to supply particulars on its strategic capital redeployment and profitability enchancment initiatives along with its third quarter monetary today techs outcomes on November 3, 2022.

About Glatfelter
Glatfelter is a number one international provider of engineered supplies with a robust concentrate on innovation and sustainability. The Firm’s top quality, technology-driven, modern, and customizable nonwovens options might be present in merchandise which are Enhancing On a regular basis Life®. These embrace private care and hygiene merchandise, meals and beverage filtration, crucial cleansing merchandise, medical and private safety, packaging merchandise, in addition to dwelling enchancment and industrial functions. Headquartered in Charlotte, NC, the Firm’s 2021 web gross sales have been $1.1 billion with roughly 3,250 workers worldwide. Glatfelter’s operations make the most of a wide range of manufacturing applied sciences together with airlaid, wetlaid and spunlace with sixteen manufacturing websites situated in the US, Canada, Germany, the UK, France, Spain, and the Philippines. The Firm has gross sales places of work in all main geographies serving clients beneath the Glatfelter and Sontara® manufacturers. Further details about Glatfelter could also be discovered at www.glatfelter.com

 

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