Special to 1808Delaware

Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services based in Delaware, announced Monday that it has entered into a definitive agreement to divest its 50% share in the Flexible Packaging joint venture, or “FPS” to Gulf Refined Packaging (GRP) for a total cash consideration of $123 million, subject to certain conditions and post-closing adjustments. Greif expects to use the proceeds for debt repayment.

“While we have worked closely with our joint venture partner, each partner held different views of the appropriate path forward for the FPS business,” said Pete Watson, Greif’s President and Chief Executive Officer. “As a result, we entered into a process to determine a single owner and utilized our disciplined capital allocation framework that resulted in an agreement to sell our ownership stake to GRP for significant value. I would like to thank our FPS colleagues for their hard work over the last 11 years and for their continued commitment to the business during the transition ahead.”

The transaction is expected to close by March 31, 2022 at which point Greif will adjust its Fiscal 2022 guidance for the divestiture.

About Greif, Inc.

Greif is a global leader in industrial packaging products and services and is pursuing its vision: In industrial packaging, be the best performing customer service company in the world. The Company produces steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, flexible products, containerboard, uncoated recycled paperboard, coated recycled paperboard, tubes and cores and a diverse mix of specialty products. The Company also manufactures packaging accessories and provides filling, packaging and other services for a wide range of industries. In addition, Greif manages timber properties in the southeastern United States. The Company is strategically positioned in 40 countries to serve global as well as regional customers. Additional information is on the Company’s website at www.greif.com.


1808AM
Sign up here for 1808AM, our incredible weekday morning enewsletter, bringing you the latest Delaware County news -- for free!
You May Also Like

Kickoff Summer With Tanger Second Saturdays

By 1808Delaware, 1808AI Tanger’s Second Saturdays event series is here for 2023…

Westerville To Welcome Warmth With Campfire Brewery

The venue will be crafting more than just beer.

Grief, Inc. Sells Alabama Acerage For $149 Million

Special to 1808Delaware Greif, Inc., a global leader in industrial packaging products…

State Of The City On January 16

Chamber Event: Third Thursday – January 2020 – Annual State of the…