Berry Global hires Citi and Wells Fargo to review strategic alternatives for its health and hygiene business

Berry Global Group Inc.
BERY,
+1.29%
said Friday it hired Citigroup Global Markets and Wells Fargo Security as advisers as it evaluates strategic alternatives for its Health, Hygiene and Specialties (HH&S) unit. Berry Global said it’s considering a sale, strategic partnership or joint venture, spin-off to shareholders, or other separation transaction for some or all of the HH&S business. Berry Global, a specialist in containers and packaging, said it expects HH&S’s leadership team to continue to lead the business. Berry Global said it’s facing no timetable to complete the process and that there’s no guarantee that a deal will take place. Berry Global stock is up 1.1% so far in 2023, compared to a 15.9% rise by the S&P 500
SPX,
+0.25%.