Greif, Inc. Completes the Sale of Timberlands to Weyerhaeuser Company

Rhea-AI Summary

Greif, Inc. (NYSE: GEF, GEF.B) has successfully finalized the sale of 69,200 acres of timberlands in Alabama to Weyerhaeuser Company (NYSE: WY) for approximately $149 million. The proceeds will be directed towards debt repayment, aligning with Greif's financial strategy to enhance value for equity holders. This move reflects Greif's commitment to manage enterprise value effectively while positioning the company within the industrial packaging sector.

Positive

• Completed sale of timberlands improves financial structure.
• Debt repayment will enhance equity holder value.

Negative

• None.

DELAWARE, Ohio, April 30, 2021 /PRNewswire/ -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced that it has completed its previously announced sale of 69,200 acres of timberlands in southwest Alabama to Weyerhaeuser Company (NYSE: WY) for approximately $149 million in cash.

Proceeds from the sale will be used for debt repayment and will accelerate the transfer of Greif's enterprise value from debt to equity holders in line with the Company's stated financial priorities.

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 did Greif announce on April 30, 2021?

On April 30, 2021, Greif announced the completion of the sale of 69,200 acres of timberlands to Weyerhaeuser Company for about $149 million.

How will Greif use the proceeds from the timberland sale?

Greif will use the proceeds from the timberland sale for debt repayment to enhance value for equity holders.

What is the stock symbol for Greif?

The stock symbols for Greif are GEF and GEF.B.

Who purchased the timberlands from Greif?

Weyerhaeuser Company purchased the timberlands from Greif.

What is the significance of Greif's timberland sale?

The sale is significant as it aids in debt reduction and aligns with Greif's strategic financial priorities.