Greif, Inc. Announces Additional Steps of the Transformation for Its Global Rigid Industrial Packaging & Services Business
March 02 2015 - 6:39PM
Business Wire
Greif, Inc. (NYSE: GEF, GEF.B) today announced recent actions to
reduce fixed manufacturing costs and better align assets with
marketplace trends and customer requirements.
Greif has taken the following actions as part of the
Transformation process:
- Consolidation of steel drum
manufacturing in Fenton, Missouri into the Greif Chicago
operations.
- Consolidation of Harahan, Louisiana
steel drum manufacturing into two existing steel drum operations in
Houston, Texas.
- Consolidation of manufacturing
operations in Hanweiler, Germany.
- Consolidation of the reconditioning
operations in Mendig, Germany to operations in Rumbeke,
Belgium.
“Today’s announcement demonstrates our resolve and commitment to
make swift and strategic interventions and transform Greif into a
more efficient company better positioned for growth,” said David
Fischer President and CEO. “By proactively managing our portfolio,
we are fully executing on our stated goal to improve capacity
utilization throughout the Greif network. These actions will have
no effect on any of our previously announced growth platforms.”
Chief Operating Officer Pete Watson said, “Our customer needs
are constantly evolving. These consolidations ensure we are
operating the right number of plants and production lines in the
right locations to meet current and future customer needs.”
Watson continued, “Utilizing the tools of the Greif Business
System, I am confident we can meet our customers’ needs with a
smaller, more efficient production footprint in certain regions. We
are also undertaking necessary commercial steps, including pricing
actions and SKU rationalization. Throughout the Transformation
process we will relentlessly pursue efficiency gains necessary to
improve our business and to ensure a fair return to our
shareholders.”
Karen Lane, Global Senior Vice President of Human Resources
added, “With a project of this scope, we faced difficult decisions
regarding our talented and dedicated employees whose jobs are being
eliminated. We are mindful of the personal impact of these changes
and are committed to assisting our affected employees through their
transition.”
About Greif, Inc.
Greif is a world leader in industrial packaging products and
services. The company produces steel, plastic, fibre, flexible,
corrugated, 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
company's website at www.greif.com.
Greif, Inc.MediaScott Griffin,
740-657-6516Vice President, Corporate CommunicationsorAnalystsRobert Lentz, 614-876-2000
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