Greif Acquires Minority Stake in IBC Reconditioning Business

DELAWARE, Ohio (April 1, 2020) – Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, announced today they would expand their intermediate bulk container (IBC) reconditioning network in North America through a minority investment stake in Centurion Container LLC. Members of Centurion’s veteran management team were among the pioneers of the IBC reconditioning industry.

“Greif is pleased to be taking a minority stake in Centurion and agreed to a clear path to full ownership,” said Ole Rosgaard, Greif Group President, Rigid Industrial Packaging & Services and Global Sustainability. “This deal and its partnership will enable us to provide our customers with an enhanced sustainable packaging solution along with the economies inherent in reusable packaging.”

Elliot Pearlman, Chairman of Centurion says, “We are excited to partner with a company like Greif that will provide us with global recognition and the added resources needed to better serve our customers throughout our expanding industrial footprint.”

The investment in Centurion Container LLC advances Greif’s strategic priority to grow its IBC and IBC reconditioning businesses while progressing Greif’s company vision of becoming, in industrial packaging, the best performing customer service company in the world. 
 

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

Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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, Item 1A under “Risk Factors” of the Company’s most recently filed Form 10-K, as amended by the Company’s subsequent 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.