DELAWARE, Ohio, April 3,
2023 /PRNewswire/ -- Greif, Inc. (NYSE: GEF,
GEF.B), a global leader in industrial packaging products and
services, today announced it has completed an acquisition
increasing its ownership in Centurion Container LLC ("Centurion"),
a leader in North American intermediate bulk container ("IBC") and
plastic drum reconditioning, from 9% to 80% in an all-cash
transaction for $145 million, subject
to customary closing adjustments, funded through Greif's existing
credit facility. Since joint venture inception in 2020, Centurion's
experienced management team has successfully scaled a broad
reconditioning network which, now under Greif majority ownership,
will greatly expand Greif's presence in North America and Centurion's offering of
reusable and sustainable packaging solutions.
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"The Centurion joint venture has seen rapid growth since our
initial investment in 2020," said Ole
Rosgaard, President and Chief Executive Officer of Greif.
"We are excited to take a majority stake in this business as it
aligns with our strategy, is immediately margin-accretive and
directly supports our third Build to Last mission of Protecting our
Future through investments in the circular economy."
Michael Chorpash, President and
CEO of Centurion, remarked "Greif has been a tremendous partner
these past three years, and we are excited to continue to grow
Centurion with them. Our two companies align well with our
shared commitments to advance a circular economy and reduce
greenhouse gas emissions."
Centurion's financial results will be reported within the Greif
Global Industrial Packaging segment.
About Greif, Inc.
Greif is a global leader in industrial packaging products and
services and is pursuing its vision: be the best performing
customer service company in the world. The Company produces steel,
plastic and fibre drums, intermediate bulk containers,
reconditioned containers, jerrycans and other small plastics,
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 over 35 countries to serve
global as well as regional customers. Additional information is on
the Company's website at www.greif.com.
About Centurion Container LLC
Centurion Container, chaired by industry veteran Elliot Pearlman, is a leading supplier of
industrial packaging, specializing in IBC and plastic drum
reconditioning. Centurion operates eight reconditioning
facilities across the United
States and offers nationwide IBC collection and logistics
support. Centurion's management team represents six generations of
container reconditioning and an unparalleled depth of experience
that yields a unique advantage to the marketplace.
Investor Relations contact information
Matt Leahy
Vice President, Corporate Development & Investor Relations
740-549-6158 / Matthew.Leahy@Greif.com
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SOURCE Greif, Inc.