DELAWARE, Ohio, Feb. 25,
2021 /PRNewswire/ -- Greif, Inc. (NYSE: GEF, GEF.B), a
global leader in industrial packaging products and services, today
announced an agreement to sell 69,200 acres of timberlands in
southwest Alabama to Weyerhaeuser
Company (NYSE: WY) for approximately $149
million in cash. Proceeds from the transaction will be
applied to debt repayment. While this transaction is subject to
tax, the Company has tax losses from other transactions which will
substantially mitigate the tax associated with this land sale.
Pete Watson, Greif's President
and Chief Executive Officer, commented, "We are pleased to enter
into this agreement with Weyerhaeuser Company. Proceeds from the
transaction will help to de-lever our balance sheet and accelerate
the transfer of Greif's enterprise value from debt to equity
holders in line with our stated financial priorities."
The transaction is subject to customary closing conditions and
is expected to close in the second quarter of 2021. Perella
Weinberg Partners LP acted as financial advisor and Adams and Reese LLP acted as legal advisor to
Greif on this transaction.
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 over 40 countries to serve
global as well as regional customers. Additional information is on
the Company's website at www.greif.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words "may," "will," "expect," "intend," "estimate,"
"anticipate," "aspiration," "objective," "project," "believe,"
"continue," "on track" or "target" or the negative thereof and
similar expressions, among others, identify forward-looking
statements. Although the Company believes that the
expectations reflected in forward-looking statements have a
reasonable basis, the Company can give no assurance that these
expectations will prove to be correct. All forward-looking
statements are based on assumptions, expectations and other
information currently available to management. Such
forward-looking statements are subject to certain risks and
uncertainties that could cause the Company's actual results to
differ materially from those forecasted, projected or anticipated,
whether expressed or implied. The most significant of these
risks and uncertainties are described in Part I of the Company's
Annual Report on Form 10-K for the fiscal year ended
October 31, 2020. The Company undertakes no obligation to
update or revise any forward-looking statements.
Contacts:
Matt Eichmann
Office: 740–549–6067
Email: matt.eichmann@greif.com
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SOURCE Greif, Inc.