Greif, Inc. Announces Definitive Agreement to Divest 50% Stake in Flexible Packaging Joint Venture to Gulf Refined Packaging for $123 million

Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, announced today 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.
https://www.greif.com/about-greif/news/news/article/greif-inc-announces-definitive-agreement-to-divest-50-stake-in-flexible-packaging-joint-venture-to-gulf-refined-packaging-for-123-million

Related Posts

UPM Specialty Papers presents UPM Asendo Pro – a multifunctional, fibre-based packaging solution

UPM Specialty Papers is strengthening its already comprehensive selection of sustainable and recyclable packaging papers. Known for its high expertise in technically demanding papers, UPM Specialty Papers now introduces an advanced fibre-based barrier paper – UPM AsendoTM Pro. The latest example of cutting-edge packaging solutions is UPM Asendo Pro – a barrier paper made from renewable materials. UPM Asendo Pro is a two-side coated paper that provides multiple advantages as an easily recyclable monomaterial. UPM Asendo Pro’s print side provides an excellent basis for high-quality visuals. Also, in addition to advanced grease resistance and good moisture resistance, its mineral oil barrier properties keep products safe. UPM Asendo Pro is suitable for dry, greasy and frozen foods as well as wrappings where excellent print properties are vital. End-use purposes vary from non-food wrapping to food end-uses and can be easily further converted for additional barrier properties and sealability to open up even more demanding end-uses.

Norske Skog Skogn launches food packaging

Norske Skog Skogn is proud to announce that the company’s major conversion project from recycled paper to pure wood fiber is now yielding concrete results. As part of this initiative, Norske Skog Skogn is launching a new packaging product made from 100% fresh wood fiber. The product is certified for direct food contact and represents an important milestone in Norske Skog Skogn’s transformation toward sustainable solutions. “The launch of this new packaging product marks a major step in our sustainability strategy and our ability to adapt to market demands,” says Håvard Busklein, Managing Director of Norske Skog Skogn. “The use of pure, Nordic spruce fiber without plastic or chemical coatings gives us a competitive advantage, especially in a market increasingly demanding safer and more environmentally friendly options for food packaging.”

Greif, Inc. Announces a $60 Per Ton Price Increase on All Uncoated Recycled Paperboard (URB) Grades and a minimum 7% Increase on Tube and Core and Protective Packaging Products

Greif, Inc. announced that it is implementing a $60 per ton price increase for all grades of uncoated recycled paperboard (URB) and a minimum 7.0 percent increase on all tube and core and protective packaging products. The uncoated recycled paperboard increase is effective today with new orders and shipments on and after November 8, 2021. The tube and core and protective packaging products increase is effective with shipments on and after November 22, 2021. These price increases are in addition to previously announced increases and are in response to strong demand across the Greif paperboard and converting network and increasing energy, transportation, labor and other input costs.
Back To Top
×Close search
Search