Greif 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
Greif manufactures packaging accessories and provides filling, packaging and other services for a wide range of industries. (Credit: Supliful - Supplements On Demand on Unsplash)
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.
“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.
Source: Company Press Release