Hello, and thank you for standing by. Welcome to Berry and Glatfelter Joint Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask the question during this session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. I would now like to hand the conference over to Dustin Stilwell. Sir, you may begin. Thank you, operator, and thank you to everyone for joining today's call to discuss the proposed spin-off and merger of the majority of Berry's HH&S segment, including its global nonwovens and films, with Glatfelter Corporation. As you can see on slide two, joining me this morning from the Berry team, I have Chief Executive Officer, Kevin Kwilinski, Chief Financial Officer, Mark Miles, and HH&S President, Curt Begle. From the Glatfelter team, Chief Executive Officer, Thomas Fahnemann, and Chief Financial Officer and Treasurer, Ramesh Shettigar. Following our comments today, we will have a question-and-answer session. In order to allow everyone the opportunity to participate, we do ask that you limit yourself to one question with a brief follow-up, and then fall back into the queue for any additional questions. A few things to note before handing the call over. On our website at berryglobal.com, you can find today's press release announcement and supplemental presentation under our Investor Relations section. Glatfelter's website also includes these materials at glatfelter.com. As referenced on slide three and four, during this call, we will be discussing certain non-GAAP financial measures. Additionally, we will make forward-looking statements that are subject to risks and uncertainties. Actual results or outcomes may differ materially from those that may be expressed or implied in our forward-looking statements. Some factors that could cause the results or outcomes to differ are in our and Glatfelter's latest 10-K, other SEC filings, and news releases. I would now like to turn the call over to Berry's CEO, Kevin Kwilinski. Thank you, Dustin, and thank you to everyone for joining us to discuss our exciting announcement today regarding our strategic review of HH&S and its proposed combination with Glatfelter. Turning to slide five, we have signed an agreement for the intended tax-free spin-off and merger of our HH&S Global Nonwovens and Films business with Glatfelter. In a transaction expected to be valued at $3.6 billion, creating a scaled, leading global franchise with a broadened solution set, serving attractive specialty materials markets. The newly combined company will be a global leader in nonwoven and the growing specialty materials industry, serving the world's largest brand owners across end markets with favorable long-term growth dynamics. Berry brings an extensive portfolio of proprietary technology with a strong focus on healthcare, hygiene, and specialties. Glatfelter provides a broad range of proprietary technology, innovation capabilities, and sustainability solutions. The combined company will provide a highly complementary product offering, including both polymer-based and fiber-based applications, supported by strong manufacturing platforms and a broad geographic footprint. At closing, the combined company, NewCo, ownership will consist of Berry shareholders owning approximately 90% and Glatfelter shareholders owning approximately 10% of the combined company. Additionally, as part of the transaction, Berry will receive a cash distribution of approximately $1 billion. Committed financing is in place to support the transaction, and we expect it to close in the second half of calendar 2024, subject to customary closing conditions and regulatory approvals. The transaction was unanimously recommended by the boards of both Berry Global and Glatfelter and determined to be in the best interest of our respective shareholders. Before I hand the call over to Curt Begle, who will be NewCo's Chief Executive Officer, I want to thank the teams at both companies for their hard work and resilience, helping us reach the important milestone of signing definitive agreements for the proposed spin-off and merger. Through your efforts, we're in a position to bring these two great businesses together. And now I'd like to turn the call over to Curt Begle, our current President of Health, Hygiene & Specialties segment, to talk more about NewCo, and then I will come back and summarize the benefits of the transaction to Berry and how Berry is positioned post-transaction completion. Curt? Thank you, Kevin. I am humbled and honored to be the trusted leader of this new global enterprise with 8,700 skilled and dedicated team members. The combination of Glatfelter and the majority of Berry's Health, Hygiene, and Specialties division will be well positioned to delight our customers, enhance the lives of our employees, and create value for our shareholders. Today's announcement is the making of a diversified technology leader in specialty materials with upward trajectories. The combined well-invested platforms provide value-added product offerings with unmatched sustainable solutions. We expect to increase NewCo's relevance as a supplier of choice through meaningful innovation, superior service, and reliability. Now, let's turn to the prepared material so I can provide a high-level view of the transaction.... On slide seven, you will note the pro forma statistics for NewCo. For the most recently reported twelve months, the combined pro forma revenue is $3.6 billion and pro forma adjusted EBITDA of $455 million, which includes identified synergies of $50 million and $25 million of combined pro forma adjustments. Flipping to slide eight, NewCo's manufacturing footprint of 45 strategically located global facilities, combined with its exceptional workforce, will serve over 1,000 customers, ranging from global CPGs to regional players with niche applications. With 60% of revenue streams in the Americas and 40% in EMEA and Asia, we can monitor global trends, be forward-thinking, and act from a position of strength. The long-term growth forecast for NewCo's end markets in developed countries is expected to be low to mid-single digits, with emerging markets growing at a faster pace. We expect NewCo's essential product offerings to benefit from positive trends tied to a growing middle class, aging population, globalization of supply chains, and the heightened focus for protection of personal environmental, health, and wellness. Slide nine showcases how this combination is expected to benefit from technology and product portfolio perspective. These two complementary businesses magnify our collective strengths. While the overlap in end-use applications is meaningful, together, it is our scale and breadth of technologies that provide the true value to our customers, while delivering attractive returns to our shareholders. As an agile, geographically diversified, and technology-driven company, we will be well-positioned in all regions of the world to serve customers more efficiently and effectively. I will now shift to our pillars of growth. On slide ten, the reason to believe in future success is simple. We anticipate benefiting from end-market growth trends, enhanced commercial and operational execution, targeted capital investments, and strategic collaboration opportunities in mature and under-penetrated geographies. NewCo's manufacturing capabilities, together with its operational know-how and scale, offers a value proposition that encourages customer loyalty. In closing, I would like to address my current team members and future colleagues at Glatfelter. It is my hope that you can sense from the tone of my voice how excited and optimistic I am to embrace this special journey with you. Through the spirit of teamwork, we will perform worthwhile duties and be empowered to find winning solutions for our shareholders and value partners. Please recognize that even though this announcement is a significant milestone, there is still much to be accomplished before the transaction is completed and we join forces. The importance of staying focused on delighting our customers, working safely, and continuing to excel in normal state of business through closing is paramount. I can't wait to witness the rewarding outcomes we can achieve as one. The HH&S family at Berry looks forward to celebrating future successes with our Glatfelter teammates once the transaction is completed. Now, I will turn it over to Glatfelter's President and CEO, Thomas Fahnemann. Thank you, Curt. I'm delighted by the prospects of this new organization as a premier global leader in nonwoven and specialty materials. By uniting our two organizations, we will establish a meaningful platform with the talent, technology, scale, and global footprint that are essential to deliver commercial and operational excellence for our customers. This newly proposed company will leverage our combined intellectual property to accelerate innovation and reinforce sustainability in a way that is only made possible by joining forces. Equally important, the transaction positions NewCo to deliver significant value creation for Glatfelter shareholders by immediately deleveraging Glatfelter's balance sheet and increasing the equity value of the combined enterprise. Now, to the employees of Berry and Glatfelter, thank you so much for your dedication and commitment to our two companies. Each of you contributed in meaningful ways to the foundation that will now become NewCo. I'm confident the values and way of doing business that have guided each of us in the past will continue to serve the new organization well for many years under Curt's leadership. I will now turn the call back to Kevin. Thank you, Thomas. Let me just close with a couple slides discussing what Berry will look like after the transaction and the value creation opportunity for our shareholders before opening the call up for questions. As we explored options as part of our announced strategic review, led by our board capital allocation committee, we became convinced of the unique opportunity for value creation that exists in combination with Glatfelter. This announcement is the culmination of a comprehensive review to determine the highest value alternative for Berry shareholders. Both teams worked diligently to vet the opportunity we see for value creation for both businesses. On slide 11, we have detailed capitalization of NewCo with an expected total transaction value of $3.6 billion. At closing, Berry will receive an approximate $1 billion cash distribution, and Berry shareholders will participate in the upside of NewCo. We believe these two companies, Berry and NewCo, can independently drive significant value for their respective stakeholders, with more focused portfolios positioning each for greater success. Just as Kurt detailed some of NewCo's expected future value drivers, Berry will become a pure-play leading supplier of sustainable global packaging solutions. We believe that this focus will result in an even more predictable, stable earnings growth and cash generation for Berry. On slide 12, our remaining three segments will be roughly evenly split from a pro forma revenue perspective, with all three remaining segments producing solid profit margins and returns. We will continue our focus on increasing our consumer-facing products within each of our segments. This proposed transaction is a significant step in the optimization of our portfolio and allows Berry's management team to be 100% laser-focused on driving long-term growth with a more simplified and aligned portfolio. Furthermore, in conjunction with today's announcement, we will change the name of our Engineered Materials segment to Flexibles to showcase the continued evolution of this segment towards high-value products and solutions. I want to thank you for your time and interest today, and with that, Mark, Curt, Thomas, Ramesh, and myself are happy to address any questions which you may have. Operator? Thank you. Ladies and gentlemen, as a reminder to ask the question, please press star one one on your telephone and then wait to hear your name announced. To withdraw your question, please press star one one again. We ask that you limit yourself to one question and one follow-up. Please stand by while we compile the Q&A roster. Our first question comes from the line of Ghansham Panjabi with Baird. Your line is open. Hi, good morning. Thanks for taking my question. This is actually Matt Krueger sitting in for Ghansham. So I was just hoping that you could talk a little bit more about how the merger process came together. Were there other bidders involved in the process? And if so, how did you arrive at a relatively complex merger structure versus something, you know, a bit more traditional from a financial angle anyways? I'll pause there. Sure. Thank you for your question. This is Kevin Kwilinski. We looked at a number of options, and why we settled here is we saw several advantages for our shareholders. One is that our shareholders get to participate in this business as it works through the cycle and is on the upside of, you know, growing out of the trough of the cycle. There's substantial synergies that are delivered with these two businesses that will also create meaningful value for our shareholders, 90% of that accruing to them. And finally, it gives us a clear path forward for Berry as a standalone global sustainable packaging player. And I think that is another critical piece that creates value because we are going to be able to accelerate our focus on this core business and our future and growing it, and we will have the sort of earnings profile and stability that our shareholders are looking for. So all of those things together really help this transaction stand out above the other options that we considered. Got it. That's helpful. Yeah. Then just following up on that, you know, can you talk a little bit about why you believe the business will be able to grow at a low- to mid-single-digit pace after, you know, the history of underperforming that level, at least on the HH&S side, for Berry? I mean, what's changed, and what opportunities does the combination offer versus, you know, the prior operations? And does this imply, you know, very, very significant sales synergies for the combined entity? Just trying to reconcile the, you know, the historical growth rate versus, you know, what we might expect moving forward. Yeah. Hey, Matt, this is Curt Begle. Just to comment on, in terms of the reason to believe, as you know, COVID had a significant impact in supply chain partners throughout the world for a significant period of time. And while we saw significant growth from a year-over-year standpoint through 2021 and 2022, as we come off of that, and the entire industry saw rebalancing of those inventories. And, you know, the supply chain and overall demand for nonwovens globally continues to grow at a pace that is relatively significant as you think about, you know, low- to mid-single digits in developed countries and then also where we have growth opportunities in Asia, Middle East, and potentially in Africa. For us, you know, we're seeing continued growth in South America as well. So as, you know, the industry has come off of a little bit of a reset, as you'll see from some of the major CPGs, we're starting to see a much more balanced opportunity here. From a, you know, volume standpoint, you're seeing from Q1, you know, in the release that has come out this morning for the earnings call, you know, it is right in line with what our CPG customers are performing at. And so, for us, the long-term growth dynamics are to continue to provide innovative products to our customers, improve overall mix. With the combined platforms that we have between these two organizations, you know, what you've seen in some of the materials so far is highly complementary in terms of having fiber-based sustainable solutions with our polymer-based business and portfolio. So in this particular case, you know, what each of the companies longed for and didn't have, we now have, you know, an opportunity to bring more solutions to our customers and provide value-added features. You know, again, for the reason to believe for us is, you know, long-term macro growth dynamics, and, you know, we're starting to see the results of that now. Hey, hey, Matt, it's Mark. I might add the...Part of your question related to synergies. The $50 million synergy number that was communicated is a cost synergy number. So, you know, to the extent the team's able to identify revenue synergy opportunities or, you know, capital expenditure synergies, working capital synergies, other synergy buckets, those would all be incremental to the $50 million of cost synergies that are identified. Okay, great. That's very helpful. I'll step back in the queue. Thank you. Please stand by for our next question. Our next question comes from the line of Phil Ng with Jefferies. Your line is open. Hey, guys. I guess a question for Kevin. You've talked about how HH&S was pretty capital intensive. So post the SpinCo, how does that look from a RemainCo? How does that capital intensity perhaps change? And does that change, and how should we think about the RemainCo, the growth and earnings trajectory of the RemainCo business? Yeah. So when we talked about why HH&S wasn't a long-term fit for Berry, you know, I think it's important to think a little bit about the path that Berry has taken to where it is today. And at the time that HH&S became a part of Berry, this was pre-RPC, and Berry really needed to create the sort of global presence and scale that allowed them to be an effective competitor. After RPC, we were able to accomplish those basic needs with the RPC acquisition, which is much more core to our long-term global packaging, consumer packaging, vision and, you know, reality of who we are. And so that created this opportunity for us to think about the separation of HH&S from the core business. As we think about why is there a lack of fit, it really wasn't that it was long-term, more capital intensive. It's that when we make investments, they're much larger in scale. You know, if we put in an injection line or a thermal forming line, it might be a $10 million investment. But to put in a unit of capacity in this HH&S business, it was more on the scale of 8x to 10x that. And that created a lumpiness as that capacity comes online, and the market is absorbing it, especially if others are making investments at the same time, and that created a lot more volatility of earnings. And that's really the core issue with it being part of Berry. It was different enough from our long-term consumer-facing business in packaging that it created volatility that caused us—causes us to trade, we believe, at a discount multiple. And we think we've relieved that with this. And this, you know, the really good thing about this is we now, sitting here today, have a very clear path, and we're already focusing, you know, our internal efforts and strategy around our core business, knowing that we have created a good outcome for our shareholders and an absolutely clear path here forward. Okay, that's helpful. When we think about the RemainCo, any dyssynergies that we should be mindful of? And then as you look at rebranding EM to Flexibles, is that any early indication there could be more pruning there, just because that business does have an element of cyclicality as well? Yeah. I think taking the second piece first, you know, I think we talked about in the last quarterly call, as I got to know that Engineered Materials business, I was surprised by the amount of consumer-facing business that's really in there. And, you know, it's 45%+ and growing. And we absolutely are prioritizing to grow our consumer-facing portion of that faster. We also, even in the industrial-facing business, have made huge progress in creating value-added options that help to decommoditize areas of that business. And we'll continue with that also. But I think, you know, long term, could there be additional pruning? Possibly. We are certainly continuing to evaluate our overall portfolio. And for the guiding light, we'll be increasing that consumer, fast-moving consumer product, sustainable global packaging element. Phil, the first part of your question, we do not expect dyssynergies, and that's really a reflection of what Kevin mentioned. The RPC acquisition changed our scale dramatically, in addition to another acquisition we made in 2017 of AEP. So our scale has stepped up enough that, you know, removing this business from the portfolio, we expect dyssynergies. Okay. Appreciate all the great color, guys. Thank you. Thank you. Please stand by for our next question. Our next question comes from the line of Edlain Rodriguez with Mizuho. Your line is open. Thank you, and good morning, guys. I mean, as a follow-up to that, Kevin, I mean, I know that was before your time, but when Berry purchased that business a couple of years ago, I think about less than 10 years ago, it was supposed to be a high-growth unit that would add significant value to Berry. What do you think went wrong? Like, why didn't HH&S perform as well as expected when Berry first purchased that business? And how is it going to change, going forward? ... Yeah, I mean, I think the first comment you made is important here, and that's that my involvement and understanding of the long-term trajectory of that business is limited from what I've learned from the team here. Well, the impression that I have of the business, and I'll let Curt add on here at the end, but I think the business has performed quite well in actuality, and it has shown over the long haul, mid-single-digit growth. We have a bit of noise that has happened as a result of COVID and the whiplash in supply chain that went on, combined with some incremental investments made by multiple players at the height that have depressed that market for you know the last twelve-plus months. And we're coming out of that. And that's a huge opportunity for our shareholders to reap the benefits of that with a transaction at this point in time, where that benefit hasn't fully been realized, yet still give our shareholders absolutely clear visibility to the path forward for RemainCo. And I think that is a fantastic outcome for all the parties involved here. Yeah, Edlain this is, Curt. You know, I think it's important to note, as Berry approached into this business, it helped to globalize the organization, enter into, you know, some of the healthcare and hygiene spaces with some of the larger CPGs. And since that move, Berry has expanded globally, significantly in the consumer packaging arena with RPC and other add-ons into the business. And so as it relates to this particular business, it has, you know, gone through a very high cycle of performance, during a time when some of the other businesses going through the COVID pandemic may have had a little bit more challenge in terms of supply chain dynamics. And we're coming off of that kind of cycle. This is, you know, a historical cycle that you have seen in this industry for, you know, in the past, but it was exacerbated with COVID and the other macro dynamics that went on in the industry and just competitive dynamics. So at this point, again, we're seeing what we believe the lower end of the cycle, and we're starting to see those sprouts of growth coming through and more stabilized supply chain. And our ability to have the type of footprint we do, the redundant technologies across the globe, and the strong relationships and partnerships we have with our customers, you know, we continue to plan to grow with them, as they perform in the market for all the segments that we have inside of the portfolio. Okay, that's good. And one last one. And as you go through that transaction and talk to your shareholders, Kevin, I suspect you'll probably hear comments like, why is this a better alternative than for you to have just sold the business and use the proceeds to pay down debt and then just be done with it, instead of essentially, I mean, some people will see it as like doubling down on that business and so forth. I think it's a question of timing. To sell the business outright at this point in time would leave substantial value on the table for our shareholders as this business is coming out of a low point in the cycle and actually an unprecedented point in the cycle brought on by COVID and the supply chain. Also, the state of the markets overall that this transaction as a complete pure sale would have happened within. We could wait. We could wait until that value is realized and the market dynamics change. But during that time, we would have an opportunity cost for the base business of us getting on with growing our core. And we are incredibly serious about growing our core and focused on it. And I made the decision, the right thing for our shareholders in this company is to be in a position to move on. And we were able to do it without negative consequences for our shareholders, which was our first primary absolute goal. And second, with a tremendous upside for them because of this dynamics of the market and the cycle we're at, where we are and the upside ahead of us, and the substantial synergies. And there's a lot of upside to the synergies from our analysis. We've been careful here to make sure that you know, we're realistic and conservative, but I think when Curt gets in and sees what's really the opportunity here in this business, he's gonna find a lot more positive upside. And, I think all of that is going to be extremely good for our shareholders. Okay. Thank you very much. Thank you. Please stand by for our next question. Our next question comes from the line of Roger Spitz with Bank of America. Your line is open. Thank you very much. Congratulations. Can you please comment on the nature of the $1.3 billion new financing? How much is expected to be secured, and will there be any additional unsecured debt in addition to the Glatfelter four and three quarters? And will the Glatfelter four and three quarters get guarantees from all the material NewCo subs or just the existing Glatfelter subs? Yeah, I think, Roger, it's Mark. You know, more details to come relative to the debt. You know, so I would just say stay tuned relative to your questions with respect to the debt financing. But we have committed debt financing in place to ensure a successful closing. Thank you. And one other, the $25 million additional EBITDA adjustments, maybe I probably just missed it, but is there any discussion in the press release or the slides on that? I just wasn't seeing that. Sorry, what, what was your question, Roger? Could you repeat it? The pro forma adjustments? Yeah, the synergies of $50 million. Yeah. Thank you. Yeah, no, I'm sorry. I, I got it from, from the team here. Yeah, the $25 million is just annualizing cost actions that both companies had taken and are not included in the synergy numbers. So as an example, Glatfelter had disposed of a business that had lost money in the LTM period of approximately $10 million, would be one example of a line item that's included in that adjustment. I got it. It was sort of like existing, you know, pro forma adjustments that each company had just put together, became $25 million. Exactly. Okay, thank you. Roger, that was exactly right. That was the Ober-Schmitten business, Roger. Right. Exactly. Thanks so much. Thank you. Please stand by for our next question. Our next question comes from the line of Michael Roxland with Truist. Your line is open. Hi, thanks very much. Just one quick question from me. And I apologize, I joined late, but it may have been asked. If it hasn't been asked, I'll, well, I'm asking anyway. What do you think NewCo should trade at 8x? That's what's being, you guys are expecting it to trade at. The business has had, as you mentioned, I guess, when I joined, you know, some headwinds. EBITDA for HH&S has been on a decline for a number of years now. So why do you think an 8x multiple is warranted on the new business? Yeah, I think as we looked at this with our multiple advisors, and we looked at trading history of companies in this space over the long term, we found many examples where they're trading north of 9x or 10x. And we think where Glatfelter traded prior to their balance sheet issues that they got into due to the acquisition that they had done that didn't go according to their plan. They were trading north, well north of 8x for the long history of the business. But this now is a company with much greater scale, the biggest player in nonwovens in the world, and it is going to have a good balance sheet, and we feel highly confident that it's going to be recognized by the shareholders and investors. Thank you. Thank you. Please stand by for our next question. Our next question comes from the line of Arun with RBC Capital Markets. Your line is open. Great, thanks for taking my question. Congratulations on the announcement of the transaction. I guess a couple of questions. So first off, you know, you noted that there could be some upside to the synergies. And I know Berry has often, if you will, peeled back the onion on your own synergies in prior transactions. So what are some of those, you know, potential upside buckets you'd point towards? Would it be maybe footprint optimization, you know, maybe some further manufacturing or revenue synergies, or how should we think about that? And what's the size? Yeah. Hi, hi, Arun. So we've, I think you'll see in some of the documents, we've taken a, what we could consider a very logical and conservative approach in the normal buckets that you would look at, whether it's procurement, you know, G&A, G&A expenses. And then from a network optimization standpoint, you know, we're still, we would expect continued collaboration, you know, the opportunity to collaborate between both teams and really identify and maximize the value between the two organizations on where we could benefit both parties. So, you know, I would say, you know, from that standpoint, that's a high level of confidence that we would be able by working closer together, given the limited time that we've been able to kind of think through some of those scenarios. We took a what we'd consider conservative approach based on the analysis that we went through on both sides with the third party as well. So, you know, again, more to come there, but I would say as the combined entities and having myself gone through a number of these integrations and acquisitions historically, I'm not one to overpromise, underdeliver in these particular cases, and so we found successes, and I believe that's going to be the case here. You know, the other thing on this combination, I think is extremely important to note, is the, you know, the well-established and well-invested platforms that we have on both sides of the organization, but more importantly, the people, as we would look to stand up our organization by ourselves, there was a lot of, you know, call it back office and functions that we would need to fill and bridge. While there's still those opportunities that we're going to look at together, Glatfelter has a, you know, well-established organization to be able to bring us in and hit the ground running. So heavy lifting ahead, from an organization standpoint and getting that set up, but we'll have the right transition services agreement between Berry and Glatfelter, and then, of course, be able to hit the ground running, once the final closing happens. You know, I would just add- Mm-hmm. I would just add on the synergy. You know, the $50 million is substantially procurement and SG&A savings. And it is not built up from a network rationalization plan or manufacturing synergies that, you know, we began to see as the team got out and did site visits. So I think that's why we feel confident there, there's great upside, and the $50 million itself is we have high confidence in being able to achieve. Got it. Thanks. And then, if I could just ask another question on that, as it relates to the RemainCo, then would you, are there any dyssynergies that we should be aware of? Are there any stranded costs for, you know, the Berry RemainCo? And then last, earnings call, I think you, you'd highlighted, you know, Berry's aspiration to work, to move towards, greater exposure to CPG as well as more U.S. exposure. So does this transaction, affect any of those goals? Thanks. No, we don't, we don't see dyssynergies here of any kind. And we don't see this harming our growth prospects in any way. If anything, it allows us to take our resources and focus them more clearly on growth. And, you know, we're gonna be talking about in our next call, in our earnings call, a couple of key initiatives we have in place to help us accelerate our growth, and accelerate the underlying performance of RemainCo. And I think this just sets us up perfectly to be able to execute on that. Thanks. Thank you. Ladies and gentlemen, I'm sure no further questions in the queue. I would now like to turn the call back over to management for closing remarks. Well, we just want to thank everyone this morning for your time. We're very excited about this transaction, and we look forward to being able to give you updates in the coming months as we bring this thing to close. Curt, do you have anything you'd like to add? No. Appreciate everybody joining this morning. Obviously, we're very excited about what this combination can lead to. Excited for our employees, customers, and the future growth prospects, and look forward to connecting with many of you, here in the coming weeks. Yeah, and also from my side, I mean, I can just add to that. I mean, I think we are very excited. I think this creates really good opportunities for our shareholders. We have a fundamentally great business. We had some balance sheet issues, and we had actually a scale issue, which are addressed with this transaction, and we are really looking forward to working with our new colleagues from Berry to really make this a great start. Thank you, Thomas, and thank you, everyone, for joining us. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.