Welcome to our dedicated page for Greif news (Ticker: GEF), a resource for investors and traders seeking the latest updates and insights on Greif stock.
Greif, Inc. reports developments in global industrial and performance packaging, including quarterly results, product pricing, dividends and portfolio changes. The company operates packaging businesses organized around Customized Polymer, Sustainable Fiber, Durable Metal and Innovative Closure Solutions, with products and services that include drums, intermediate bulk containers, recycled paperboard, tubes and cores, protective packaging, closures, accessories and related packaging services.
Recurring Greif news also covers Class A and Class B common stock dividends, earnings conference calls, segment presentation changes and the completed divestiture of the containerboard business, including the CorrChoice sheet feeder system, which is treated as discontinued operations in company reporting.
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Greif, Inc. (NYSE: GEF, GEF.B) has successfully acquired an 80% stake in Centurion Container LLC, increasing its ownership from 9% in an all-cash deal valued at $145 million. This transaction, funded through Greif's existing credit facility, is expected to enhance Greif's market presence in North America, particularly in reusable packaging solutions. Greif's CEO Ole Rosgaard emphasized the acquisition's alignment with its growth strategy and commitment to sustainability. Centurion, a leader in IBC and plastic drum reconditioning, has shown rapid growth since Greif's initial investment in 2020, signaling potential for future revenue expansion.
Greif, Inc. reported first-quarter 2023 results, showcasing net income of $89.9 million or $1.54 per diluted Class A share, a substantial increase from $10.3 million or $0.18 per share in Q1 2022. However, net income excluding adjustments fell to $61.9 million from $75.6 million. Adjusted EBITDA was $164.5 million, down $32.3 million. Operating cash flow rose to $32.9 million, while total debt decreased by $67.5 million to $2.229 billion. Greif has completed the acquisition of Lee Container and plans to increase its stake in Centurion Container. The net sales for Global Industrial Packaging and Paper Packaging decreased significantly, indicating challenges in customer demand.
Greif, Inc. (NYSE: GEF, GEF.B) announces significant leadership changes as Pete Watson retires from the Board and Bruce Edwards is elected as the new Chairman of the Board. Edwards, who has been with the Board since 2006 and previously served as Chair of the Audit Committee, brings extensive experience from his role as former Global CEO of DHL Supply Chain. Watson's tenure saw Greif solidify its position as a customer service leader, while John Finn also retires after 15 years of service. New Board member Frank Miller, formerly of Kaiser Permanente, joins the team. The company continues its pursuit to be the best performing customer service company worldwide.