UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 27, 2014 (May 22, 2014)
GREIF, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-00566 |
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31-4388903 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
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425 Winter Road, Delaware, Ohio |
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43015 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (740) 549-6000
Not Applicable
(Former
name or former address, if changed since last report.)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 8 Other Events
Item 8.01. Other Events.
Attached as Exhibit 99.1 to
this Current Report on Form 8-K and incorporated herein by reference is a press release issued by Greif, Inc. on May 22, 2014.
Section 9
Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
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Description |
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99.1 |
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Press release issued by Greif, Inc. on May 22, 2014. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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GREIF, INC. |
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Date: May 27, 2014 |
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By |
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/s/ Lawrence A. Hilsheimer |
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Lawrence A. Hilsheimer, |
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Executive Vice President and Chief Financial Officer |
EXHIBIT INDEX
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Exhibit No. |
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Description |
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99.1 |
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Press release issued by Greif, Inc. on May 22, 2014. |
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Greif, Inc. Announces the Financial Impact from
an Illegal Plant Occupation and Adverse Weather-related Conditions
DELAWARE, Ohio (May 22, 2014) Greif (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, today announced that its financial
results for the three months ended April 30, 2014, will include the negative financial impact of items related to the illegal occupation of the flexible products manufacturing facility in Hadimkoy, Turkey, and adverse weather-related
conditions. The financial impact of these items for the second quarter of 2014 will represent approximately $20 million or $0.14 per Class A share.
On February 10, 2014, a group of protesters led by non-Greif personnel with a broad social agenda staged an illegal occupation at the companys
facility in Hadimkoy, Turkey. The company incurred incremental security costs for Hadimkoy and other facilities, labor-related expenses and additional costs to service customers. The occupation lasted 60 days and the production downtime at Hadimkoy
was 98 days which disrupted the companys supply chain, although products were shipped to customers from locations within the global network. The financial impact of these actions totalled approximately $13 million for the second quarter of
2014, which included indirect costs estimated to be approximately $7 million in lost sales and the increased cost of alternative supply sources plus approximately $3 million of direct costs. In addition, there were approximately $3 million of
restructuring charges related to this facility for the second quarter 2014. It is anticipated that there will be additional costs related to this situation during the second half of fiscal 2014, and management believes that appropriate measures have
been implemented to prevent similar incidents at Greif facilities, and additional actions will be assessed on an ongoing basis.
Additionally, during the
second quarter of 2014, adverse weather-related conditions continued to impact the companys Paper Packaging and Rigid Industrial Packaging segments. There were approximately $4 million of higher energy and additional input and logistics costs
in the Paper Packaging segment. In the Rigid Industrial Packaging segment, there were approximately $2 million of higher energy costs and higher labor expenses due to shift reductions. These and other weather-related items totalled approximately $7
million for the second quarter of 2014.
The company is assessing the potential annual impact of these items to previously issued earnings guidance, which
management will address during its second quarter 2014 conference call.
About Greif
Greif is a world leader in industrial packaging products and services. The company produces steel, plastic, fibre, flexible, corrugated, multiwall and
reconditioned containers, intermediate bulk containers, containerboard and packaging accessories, and provides blending, filling, packaging and industrial packaging reconditioning services for a wide range of industries. Greif also manages timber
properties in North America. The company is strategically positioned in more than 50 countries to serve global as well as regional customers. Additional information is on the companys website at www.greif.com.
Forward-looking Statements
All statements, other than
statements of historical facts, included in this news release, including without limitation statements regarding our future financial position, business strategy, budgets, projected costs, goals and plans and objectives of management for future
operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally
can be identified by the use of forward-looking terminology such as may, will, expect, intend, estimate, anticipate,
project, believe, continue, on track or target or the negative thereof or variations thereon or similar terminology. All forward-looking statements made in this news release are based on
information currently available to management. Although we believe that the expectations reflected in forward-looking statements have a reasonable basis, we can give no assurance that these expectations will prove to be correct. Forward-looking
statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. Such risks and uncertainties that might cause a difference include, but are not
limited to, the following: (i) the current and future challenging global economy may adversely affect our business, (ii) historically, our business has been sensitive to changes in general economic or business conditions, (iii) our
operations are subject to currency exchange and political risks that could adversely affect our results of operations, (iv) the continuing consolidation of our customer base and suppliers may intensify pricing pressure, (v) we operate in
highly competitive industries, (vi) our business is sensitive to changes in industry demands, (vii) raw material and energy price fluctuations and shortages may adversely impact our manufacturing operations and costs, (viii) we may
encounter difficulties arising from acquisitions, (ix) we may incur additional restructuring costs and there is no guarantee that our efforts to reduce costs will be successful, (x) tax legislation initiatives or challenges to our tax
positions may adversely impact our results or condition, (xi) several
operations are conducted by joint ventures that we cannot operate solely for
our benefit, (xii) our ability to attract, develop and retain talented and qualified employees, managers and executives is critical to our success, (xiii) our business may be adversely impacted by work stoppages and other labor relations
matters, (xiv) we may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage, (xv) our business depends on the uninterrupted operations of our facilities, systems and
business functions, including our information technology and other business systems, (xvi) legislation/regulation related to climate change and environmental and health and safety matters and corporate social responsibility could negatively
impact our operations and financial performance, (xvii) product liability claims and other legal proceedings could adversely affect our operations and financial performance, (xviii) we may incur fines or penalties, damage to our reputation
or other adverse consequences if our employees, agents or business partners violate, or are alleged to have violated, anti-bribery, competition or other laws, (xix) changing climate conditions may adversely affect our operations and financial
performance, (xx) the frequency and volume of our timber and timberland sales will impact our financial performance, (xxi) changes in U.S. generally accepted accounting principles and SEC rules and regulations could materially impact our
reported results, and (xxii) if the company fails to maintain an effective system of internal control, the company may not be able to accurately report financial results or prevent fraud. Changes in business results may impact our book tax
rates. The risks described above are not all-inclusive, and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. For a detailed discussion
of the most significant risks and uncertainties that could cause our actual results to differ materially from those projected, see Risk Factors in Part I, Item 1A of our Form 10-K for the year ended Oct. 31, 2013 and our other
filings with the Securities and Exchange Commission. All forward-looking statements made in this news release are expressly qualified in their entirety by reference to such risk factors. Except to the limited extent required by applicable law, we
undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Contacts:
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Media: |
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Analyst: |
Scott Griffin |
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Robert Lentz |
Vice President, Corporate Communications |
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(614) 876-2000 |
Greif, Inc. |
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(740) 657-6516 |
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