Greif Announces Price Increase for Tube and Core and Protective Packaging Products
Rhea-AI Summary
Greif (NYSE: GEF), a leading industrial packaging company, announced a minimum 6% price increase on all tube and core and protective packaging products. This price adjustment will take effect on shipments starting July 15, 2024. The increase is driven by the higher costs of URB, the primary raw material used in these products.
Positive
- Greif is proactively adjusting prices to counter rising raw material costs, which could help in maintaining profitability.
- The company is transparent about the reasons behind the price increase, attributing it to the higher costs of URB.
Negative
- The price increase may lead to reduced demand for Greif's tube and core and protective packaging products as customers seek cheaper alternatives.
- Rising raw material costs could indicate broader cost pressures on Greif's overall product line, potentially affecting margins.
News Market Reaction 1 Alert
On the day this news was published, GEF gained 2.06%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
DELAWARE, Ohio, June 11, 2024 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, announced today it is implementing a minimum 6.0 percent increase on all tube and core and protective packaging products.
The tube and core and protective packaging increase is effective with shipments on and after July 15, 2024.
The tube and core and protective packaging products price increase is a consequence of the URB price increase, the primary raw material contained in those products.
About Greif
Greif is a global leader in industrial packaging products and services and is pursuing its vision: be the best performing customer service company in the world. The Company produces steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, jerrycans and other small plastics, containerboard, corrugated sheets and products, 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 has a workforce of more than 14,000 colleagues operating across 248 facilities in 37 countries to serve global as well as regional customers. Additional information is on the Company's website at www.greif.com.
For media inquiries, please contact:
Bill D’Onofrio
VP, Corporate Development & Investor Relations
bill.donofrio@greif.com / +1 740-549-6026
FAQ
When will Greif's price increase for tube and core and protective packaging products take effect?
How much is Greif increasing prices for its tube and core and protective packaging products?
Why is Greif increasing the prices of its tube and core and protective packaging products?
