PaperAge Magazine

Greif Agrees to Sell its Consumer Packaging Group Business to Graphic Packaging for $85 Million

Greif's CPG business consists of seven converting facilities across the U.S. that manufacture folding cartons for consumer packaged goods businesses.

Feb. 27, 2020 - Greif, Inc. today announced that it has entered into a definitive agreement to sell its Consumer Packaging Group ("CPG") business for $85 million in cash to Graphic Packaging Holding Company.

Greif's CPG business consists of seven converting facilities across the U.S. that manufacture folding cartons for consumer packaged goods businesses.

Greif expects to use the proceeds for debt repayment.

"We are pleased with the conclusion of the CPG strategic review process," said Pete Watson, Greif's President and Chief Executive Officer. "The sale of CPG allows us to de-lever our balance sheet and optimize capital allocation plans. By divesting these assets, we can refocus our business on our core industrial franchise and our stated strategic growth priorities in Intermediate Bulk Container production and reconditioning and containerboard integration."

According to Graphic Packaging, the CPG operations produce over $200 million in annual revenue. The business is expected to generate approximately $20 million in annualized EBITDA, including synergies, over the 24-month period after the successful completion of the acquisition.

两人做人爱费视频 视频Graphic Packaging's President and CEO, Mike Doss, said, "We are excited to announce the acquisition of the Consumer Packaging Group business from Greif, Inc. The transaction further diversifies our end-markets and enhances our service capabilities to growing mid-sized consumer goods and food service customers."

"The continued strategic investments we are making in our integrated mill and converting platform reflect our commitment to existing and new customers to provide the industry's most efficient production of the highest quality paperboard into sustainable packaging solutions," Doss added.

Subject to the satisfaction of customary closing conditions, the companies expect to complete the transaction by March 31, 2020.

两人做人爱费视频 视频Greif expects no material impact to its Fiscal 2020 outlook or Fiscal 2022 financial commitments from this divestiture and reaffirms its expectation of at least $70 million synergies over 36 months from the closing of the Caraustar acquisition.

Graphic Packaging noted that it has assessed the impact of recently announced RISI Pulp and Paper market price changes and its current expectations for commodity input cost inflation. The Company remains committed to its 2020 Adjusted EBITDA and cash flow guidance provided on the fourth quarter and full year 2019 financial results call held January 28, 2020.

Graphic Packaging will update 2020 projections to include the Consumer Packaging Group acquisition from Greif, Inc. after the successful completion of the transaction.

Graphic Packaging Holding Company, headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft and coated-recycled board. To learn more about Graphic Packaging, please visit: www.graphicpkg.com.

Greif is a global leader in industrial packaging products and services. 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. To learn more, please visit: www.greif.com.

SOURCE: Greif, Inc. and Graphic Packaging Holding Company

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