Greif, Inc. Announces a $70 Per Ton Price Increase on All Uncoated Recycled Paperboard (URB) Grades and an 8.5% Increase on Tube and Core and Protective Packaging Products

Rhea-AI Summary

Greif, Inc. (NYSE: GEF, GEF.B) announced a $70 per ton price increase for all grades of uncoated recycled paperboard, effective for new orders from September 13, 2021. This follows a previous $50 increase on July 26, 2021. Additionally, an 8.5% price hike on tube, core, and protective packaging products will take effect from September 24, 2021, complementing a 6% increase already implemented on August 6, 2021. These adjustments aim to address robust demand and rising costs in raw materials, labor, and transportation.

Positive

• Implementation of a new $70 per ton price increase on uncoated recycled paperboard to offset costs.
• Robust demand across Greif's paperboard network indicates strong market positioning.

Negative

• Ongoing cost pressures from raw materials, labor, and transportation may impact profit margins.

DELAWARE, Ohio, Aug. 11, 2021 /PRNewswire/ -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, announced today that it is implementing a $70 per ton price increase for all grades of uncoated recycled paperboard (URB) and an 8.5 percent increase on all tube and core and protective packaging products. The uncoated recycled paperboard increase is effective today with new orders and shipments on and after September 13, 2021. This is in addition to the $50 per ton price increase implemented on July 26, 2021. The tube and core and protective packaging products increase is effective with shipments on and after September 24, 2021. This is in addition to the 6 percent price increase implemented on August 6, 2021. These price increases are in response to continued robust demand across the Greif paperboard network and ongoing cost pressures with raw materials, labor and transportation.

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. 

Contacts:
Matt Eichmann
Office: 740–549–6067
Email: matt.eichmann@greif.com

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SOURCE Greif, Inc.

FAQ

What is Greif, Inc. announcing on August 11, 2021?

Greif, Inc. announced a $70 per ton price increase for uncoated recycled paperboard and an 8.5% increase for tube and core products.

When does the new price increase for uncoated recycled paperboard take effect?

The price increase for uncoated recycled paperboard takes effect for new orders on September 13, 2021.

What are the reasons for Greif's price increase announcements?

The price increases are due to robust demand and ongoing cost pressures related to raw materials, labor, and transportation.

What was the previous price increase for uncoated recycled paperboard before August 11, 2021?

The previous price increase was $50 per ton, implemented on July 26, 2021.