<SEC-DOCUMENT>0000947871-22-000620.txt : 20221110
<SEC-HEADER>0000947871-22-000620.hdr.sgml : 20221110
<ACCEPTANCE-DATETIME>20220518161634
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000947871-22-000620
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Glatfelter Corp
		CENTRAL INDEX KEY:			0000041719
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		IRS NUMBER:				230628360
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4350 CONGRESS STREET
		STREET 2:		SUITE 600
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28209
		BUSINESS PHONE:		866-744-7380

	MAIL ADDRESS:	
		STREET 1:		4350 CONGRESS STREET
		STREET 2:		SUITE 600
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLATFELTER P H CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="text-align: left; font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right">May 18, 2022</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Office of Manufacturing</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">Attention: &nbsp;&nbsp;&nbsp;Ms. Andi Carpenter<BR>
Ms. Anne McConnell</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Re:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glatfelter Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Form 10-K for the Fiscal Year Ended December 31,
2021</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Filed February 25, 2022</B></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>File No. 001-03560</B></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">Dear Ms. Carpenter and Ms. McConnell:</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">Glatfelter Corporation (the &#8220;Company&#8221;) is responding
to the comment letter of the staff (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;),
dated May 4, 2022, relating to the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with
the Commission on February 25, 2022 (the &#8220;Form 10-K&#8221;).</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">For ease of reference, the Staff&#8217;s comments appear in
bold immediately preceding the Company&#8217;s responses. Page references included below are to those contained in the Form 10-K. Capitalized
terms used but not defined herein have the meanings ascribed to them in the Form 10-K.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B><U>Form 10-K for the Fiscal Year ended December 31, 2021</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Results of Operations, page 16</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>We note you present non-GAAP financial measures that you identify as adjusted earnings and adjusted
earnings per share. Please address the following:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="color: #1F3864"><B>Corporate Headquarters
</B></FONT>4350 Congress Street, Suite 600 &middot; Charlotte, NC 28209 U.S.A. &middot; Phone 704-885-2555 &middot; Fax 704-885-2429</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="color: #1F3864">www.glatfelter.com</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#8226;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Tell us and revise your disclosures to quantify the specific cost components included</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>in the adjustment identified as strategic initiatives.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#8226;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Tell us and revise your disclosures to explain why the strategic initiatives adjustment does not
appear to require a related income tax effect.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>Response</U>: The Company respectfully acknowledges the Staff&#8217;s
comments. The specific cost components of the &#8220;strategic initiatives&#8221; adjustment used to calculate the non-GAAP financial
measure adjusted earnings from continuing operations for the year ended December 31, 2021 consist of: professional services fees related
to acquisitions (including investment banking, legal, tax, audit, valuation specialists and consulting) of $14.5 million, financing commitment
fees of $7.7 million, inventory valuation step-up expense of $6.0 million, employee separation costs of $0.8 million and other (which
included contract termination costs, signage changes, transfer taxes, communication packages, etc.) of $1.9 million. The specific cost
components of the &#8220;strategic initiatives&#8221; adjustment used to calculate the non-GAAP financial measure adjusted earnings from
continuing operations for the year ended December 31, 2020 consist of $1.6 million of professional services fees related to acquisitions
(including legal, tax and consulting).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In future filings, the Company undertakes to include the specific cost
components, as reflected above, as part of the explanation of the strategic initiatives adjustment in a footnote to the table that reconciles
net income to the non-GAAP financial measure adjusted earnings from continuing operations. The Company reflected this additional specific
cost component disclosure in its quarterly report on Form 10-Q for the quarterly period ended March 31, 2022, which was filed with the
Commission on May 10, 2022 (the &#8220;Q1 2022 Form 10-Q&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In response to the Staff&#8217;s comment regarding the reason why the strategic
initiatives adjustment does not appear to have a related tax effect, the Company respectfully submits that substantially all of the costs
comprising the strategic initiatives adjustment were incurred in the United States, where the Company has a full tax valuation allowance.
Therefore, the Company&#8217;s incremental effective tax rate in the United States is zero. The Company undertakes, in future filings,
to provide an explanation of the related tax effect. The Company included this explanation in its Q1 2022 Form 10-Q.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Adjusted EBITDA, page 23</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>We note you present a non-GAAP financial measure you identify as Pro Forma Adjusted EBITDA and you
also present other financial measures, on a pro forma basis, in the filing. Please revise your disclosures to address the following:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#8226;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>On page 1 you disclose &#8220;annual net sales approximate $1.4 billion, on a pro forma basis giving
effect to recently completed acquisitions&#8221;. Although disclosing pro forma amounts as a supplement to historical GAAP amounts may
be appropriate, it does not appear to us that disclosing pro forma amounts in lieu of historical GAAP amounts is appropriate.</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#8226;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>On page 23 you present Pro Forma Adjusted EBITDA, adjusted to include the historical results of the
Mount Holly and Jacob Holm acquisitions for 2021 and reconcile the measure to net income. Based on your disclosures, it is not clear to
us if the measure you present includes all adjustments required by Article 11 of Regulation S-X or how you determined net income, rather
than pro forma net income, is the most directly comparable GAAP measure. Either eliminate the pro forma non-GAAP measure from your filing
or explain how you intend to revise your presentation to address the concerns noted above.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 3</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>Response</U>: The Company respectfully acknowledges the Staff&#8217;s
comments. In future filings, the Company will include the corresponding historical GAAP annual net sales amount with equal or greater
prominence whenever the Company discloses a pro forma annual net sales amount.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Company also acknowledges the Staff&#8217;s comment regarding the inclusion
of pro forma adjusted EBITDA results for Mount Holly and Jacob Holm to arrive at a consolidated pro forma adjusted EBITDA for the year
ended December 31, 2021. The Company believes the pro forma adjusted EBITDA presented for the Mount Holly and Jacob Holm acquisitions
reflected all adjustments required by Article 11 of Regulation S-X. The Company notes that it did not include pro forma adjusted EBITDA
results for Mount Holly and Jacob Holm in its presentation of Adjusted EBITDA in its Q1 2022 Form 10-Q under <I>Item 2. Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations &#8211; Liquidity and Capital Resources </I>(see page 33). In
future filings, in connection with pro forma disclosures related to pending or completed significant acquisitions, the Company will disclose
that such pro forma information, if disclosed in a filing, includes all adjustments required by Article 11 and, if the Company includes
any pro forma non-GAAP financial measures in a filing, it will include a reconciliation to the most directly comparable GAAP measure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Item 7A. Quantitative and Qualitative Disclosures About Market Risk</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Critical Accounting Policies and Estimates</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Long and indefinite-lived Assets, page 26<BR>
<BR>
</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Please disclose whether you believe the estimated fair values of your reporting units substantially
exceed their carrying values. For any reporting units that have estimated fair values that do not substantially exceed their carrying
values, please provide useful and meaningful information that would allow investors to better assess the probability of a future goodwill
impairment, including the following:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#8226;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Identify the reporting unit and quantify the amount of goodwill allocated to the reporting unit.</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#8226;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Disclose the percentage by which the estimated fair value exceeded carrying value as of the date
of the most recent impairment test.</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#8226;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Disclose and discuss the specific critical assumptions used in your fair value determination.</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#8226;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Address the degree of uncertainty associated with your key assumptions and disclose how changes in
key assumptions could impact your fair value determination.</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#8226;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Describe potential events and/or changes in circumstances that could reasonably be expected to negatively
affect your key assumptions.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 4</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B>Please refer to Item 303(b)(3) of Regulation
S-K.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>Response</U>: The Company respectfully acknowledges the Staff&#8217;s
comment. Based on the results of the annual impairment assessment performed as of November 30, 2021, the Company believed that the fair
value of its Composite Fibers and Airlaid Materials reporting units substantially exceeded their carrying values. The results of the Composite
Fibers annual assessment indicated the Company had a fair value that was in excess of carrying value by approximately 19%, or $87 million.
For the Airlaid Materials reporting unit, its fair value exceeded carrying value by approximately 36%, or $225 million. The newly formed
Spunlace reporting unit had recently been acquired on October 29, 2021, and, therefore, the carrying value of this reporting unit approximated
its fair value at November 30, 2021. For all reporting units, there were no indications that the fair value substantially changed from
the measurement date to December 31, 2021.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In future filings, the Company will disclose when it believes the
fair values of its reporting units substantially exceed their carrying values. If the Company determines that a reporting
unit&#8217;s estimated fair value does not substantially exceed its carrying value, the Company will, as appropriate,
(i)&nbsp;identify the reporting unit and quantify the amount of goodwill allocated to the reporting unit; (ii)&nbsp;disclose the
percentage by which the estimated fair value exceeded carrying value as of the date of the most recent impairment test;
(iii)&nbsp;disclose and discuss specific critical assumptions used in the fair value determination; (iv)&nbsp;address the degree of
uncertainty associated with the key assumptions and disclose how changes in key assumptions could impact the fair value
determination; and (v)&nbsp;describe potential events and/or changes in circumstances that could reasonably be expected to
negatively affect the key assumptions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">As noted in the Company&#8217;s Q1 2022 Form 10-Q, the Composite Fibers
segment was severely impacted by the Russia/Ukraine military conflict and the compounding effects resulting from the conflict. As such,
the Company took an impairment charge related to Composite Fibers&#8217; goodwill, as well as Composite Fibers&#8217; Dresden facility
fixed assets and intangibles. The Company included the following in the Q1 2022 Form 10-Q under <I>Item 2. Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations &#8211; Asset Impairment </I>(see page 31):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in"><B>Asset Impairment</B> During the first quarter of 2022,
in connection with an assessment of potential impairment of long-lived and indefinite-lived intangible assets stemming from the compounding
impacts resulting from the Russia/Ukraine military conflict and related sanctions, we recorded a $117.3 million non-cash asset impairment
charge related to Composite Fibers&#8217; Dresden facility and an impairment of Composite Fibers&#8217; goodwill. Dresden is a single-line
facility that produces wallcover base paper, the majority of which is directly sold into the Russian and Ukrainian markets. As a direct
result of the economic impacts from the conflict, and the disruptions in the underlying financial systems and restrictions on our ability
to export wallcover base paper to Russia due to related sanctions, management expects a significant reduction in wallcover revenues and
associated cash flows for the foreseeable future. In addition, the conflict is expected to also impact other Composite Fibers products
that are also subject to export sanctions into this region and is expected to continue to significantly impact energy prices. During the
year ended December 31, 2021, we had total net sales of wallcover and other products to customers in Russia and Ukraine totaling approximately
$95 million. We do not expect significant sales to customers in this region for the foreseeable future as a result of the military conflict,
its impact on Ukrainian customers, and the economic sanctions on sales of certain products to customers in Russia. Accordingly, a charge
was recorded to reduce the carrying value of the Dresden fixed assets and intangible assets (technological know-how, customer relationships,
and an indefinite-lived trade name), along with Composite Fiber's goodwill to fair value.</P>
<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">U.S. Securities and Exchange
Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Item 8. Financial Statements</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Note 2. Accounting Policies</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Inventories, page 37</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>You disclose that inventories are stated at the lower of cost or market. Please explain to</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>us, and revise your disclosures to clarify, whether you recognize
inventories at the lower of cost or market or at the lower of cost or net realizable value as required by ASC 330-10-35-1B.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>Response</U>: The Company respectfully acknowledges the Staff&#8217;s
comment. The Company confirms that it recognizes inventories at the lower of cost or net realizable value as required by ASC 330-10-35-1B
and will reflect this in its future filings. The Company has reflected this in its Q1 2022 Form 10-Q.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">******************</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">We hope that our letter has addressed the Staff&#8217;s comments. If you
have any questions or require any additional information with respect to the above, please call the undersigned at (704) 885-2555.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 50%"><FONT STYLE="font-size: 12pt">/s/ Ramesh Shettigar</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">Ramesh Shettigar</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">Senior Vice President <BR>
Chief Financial Officer &amp; Treasurer</FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 4in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Jill L. Urey, Vice President, Chief Legal &amp; Compliance Officer &amp; Corporate Secretary, Glatfelter&nbsp;Corporation</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Lona Nallengara, Shearman &amp; Sterling LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
