Acquisition

9 Months Ended

Jun. 28, 2025

Acquisition [Abstract]

Acquisition

3.         Acquisition

Glatfelter

The Transaction combined GLT’s sustainable solutions and product portfolio with Treasure’s proprietary technologies and global scale.  The Company is now a global leader in growing markets while serving some of the world’s largest brand owners.  The results of GLT have been included in the consolidated results of the Company since the Closing Date.

The GLT acquisition has been accounted for under the purchase method of accounting. Under this method, the assets acquired and liabilities assumed have been recorded based on estimated fair values as of the Closing Date. Certain assets, including inventory, intangibles, and property, plant, and equipment included in the purchase price allocation have been estimated based on the current valuation. The Company's valuation analysis over the acquired business will be finalized during the fourth quarter. The Company has recognized goodwill on this Transaction primarily as a result of expected cost synergies and expects goodwill not to be deductible for tax purposes.

The following table summarizes the purchase price allocation, which is preliminary and subject to change within one year of the Closing Date:

Fair value of GLT common stock concurrent with closing	$	74
Identifiable assets acquired and liabilities assumed
Cash		37
Working capital(a)		246
Property, plant and equipment		578
Identifiable intangible assets		19
Other assets		71
Other long-term liabilities		(100	)
Debt		(869	)
Goodwill(b)		92
Total consideration	$	74

         ^(a) Includes a $12 million step up of inventory to fair value

            ^(b) Recorded in Americas segment

When including GLT results for the periods prior to the Closing Date, unaudited pro forma net sales and net loss were $885 million and $20 million, respectively for the quarterly period ended June 29, 2024, $2,477 million and $131 million, respectively, for the three quarterly periods ended June 28, 2025, and $2,610 million and $80 million, respectively, for the three quarterly periods ended June 29, 2024. The unaudited pro forma net sales and net income figures assume that the Transaction was consummated as of the beginning of the relevant period.