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Greif, Inc. (GEF) is a global leader in industrial packaging products and services, with a history dating back to 1877. The company specializes in the production of a wide range of packaging solutions including steel, plastic, and fiber drums, intermediate bulk containers, and flexible products. Greif also manufactures containerboard, corrugated sheets, and a diverse array of specialty products.
Headquartered in Delaware, Ohio, Greif's operations are strategically positioned in over 35 countries, enabling the company to effectively serve both global and regional customers. Greif's three main business segments are Global Industrial Packaging, Paper Packaging and Services, and Land Management. These segments allow the company to address various market needs, from packaging and logistics to timber property management in North America.
In recent developments, Greif has partnered with IonKraft to explore innovative plasma-based coating technology aimed at improving the recyclability of industrial plastic packaging. Additionally, the company's new facility in Dallas, Texas, is set to expand its bulk corrugated business, bolstering its capacity to meet customer demands across the South and Southwest regions of the United States and Mexico.
Greif is also deeply committed to community initiatives and corporate social responsibility. The company has a longstanding tradition of supporting charitable organizations focused on education, health, and social services. Through collaborations such as the Greif Blocked Shots Platform, Greif is actively contributing to the well-being of communities in Central Ohio.
Financially, Greif continues to demonstrate robust performance. The company is scheduled to report its second-quarter financial results for 2024 on June 5, 2024, with a conference call to discuss the results the following day. The company remains focused on its vision to be the best-performing customer service company in the world, providing durable and sustainable packaging solutions across various industries.
Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging, has opened a new facility in Pasir Gudang, Johor, Malaysia. The facility will manufacture Intermediate Bulk Containers (IBCs) for various industries including food, chemicals, lubricants, flavors, and fragrances. Greif's commitment to quality is underscored by its ISO 9001:2015 certification.
CEO Ole Rosgaard highlighted the strategic importance of the location, citing its robust infrastructure and proximity to key customers. The facility employs advanced manufacturing technologies, including blow molding and cage line technologies, to ensure production meets Greif's quality and sustainability standards. This expansion is expected to enhance Greif's production capabilities and contribute to the region's economic growth by creating new job opportunities.
Greif, Inc. (NYSE: GEF, GEF.B) reported fiscal third quarter 2024 results. Net income decreased 3.5% to $87.1 million or $1.50 per diluted Class A share. Adjusted EBITDA decreased 14.5% to $193.7 million. Net cash provided by operating activities decreased by $125.5 million to $76.8 million. The company completed the divestment of Delta Petroleum Company and is progressing with the integration of Ipackchem Group SAS. Greif's Board declared increased quarterly cash dividends. Despite uncertain global markets, the company reported positive volume momentum in all regions. The company's customer satisfaction index (CSI) score was 92.8. Greif maintained its fiscal 2024 outlook with Adjusted EBITDA between $675 - $725 million and Adjusted free cash flow between $175 - $225 million.
Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging, has declared increased quarterly cash dividends of $0.54 per share on Class A Common Stock and $0.81 per share on Class B Common Stock. The dividends are payable on October 1, 2024, to stockholders of record as of September 16, 2024.
CFO Larry Hilsheimer emphasized that this increase aligns with Greif's disciplined capital allocation framework, promoting strong cash conversion and steadily increasing shareholder returns. The company's Build to Last Strategy has demonstrated the ability to raise dividend yields while investing in long-term growth.
Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, has elected Andy Rose to its Board of Directors. Rose, currently the President and CEO of Worthington Enterprises, brings over 30 years of experience in manufacturing, distribution, and financial services industries. His appointment is expected to contribute valuable expertise as Greif executes its strategic plan and aims for growth.
Rose's career includes roles at Worthington Industries, MCG Capital , Peachtree Equity Partners, and Wachovia Capital Associates. He holds an MBA from Duke University and a bachelor's degree from the University of North Carolina. Rose also serves on the board of OhioHealth and is a member of The Ohio Business Roundtable and the Columbus Partnership.
Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging, has announced the sale of Delta Petroleum Company, Inc. to PSC Group Delta, a North American filling and logistics services business, was sold as part of Greif's strategic realignment. CEO Ole Rosgaard stated that while Delta is a solid business, it no longer aligns with Greif's core growth strategy of expanding into resin-based industrial products serving higher-growth and less cyclical end markets.
The transaction is expected to bring value to both parties, with the sale proceeds to be used to accelerate Greif's strategic vision. This move reflects Greif's focus on optimizing its portfolio and aligning with its long-term growth objectives in the industrial packaging sector.
Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, has announced the release date for its 2024 third quarter financial results. The company will report its earnings after market close on Wednesday, August 28, 2024, followed by a conference call on Thursday, August 29, 2024, at 8:30 a.m. ET.
Participants can access the call through an online registration link, which will provide dial-in details and a unique conference code. Greif will also provide conference call slides alongside its earnings press release. A digital replay of the call will be available on the company's investor relations website two hours after the call concludes.
Greif operates globally with over 14,000 employees across more than 250 facilities in 37 countries, serving both global and regional customers in various industries.
Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging, has announced its 2024 Investor Day to be held on December 11, 2024 in New York City. The event will feature presentations by CEO Ole Rosgaard, CFO Larry Hilsheimer, and the Executive Leadership Team.
Key highlights include:
- In-depth review of Greif's Build to Last strategy
- Discussion on value creation through the service profit chain
- Showcase of the Greif Business System's impact on company performance
- Q&A sessions with executives
A live webcast will be available, with presentation materials posted on the morning of the event. Formal invitations and registration details will be sent in the coming months.
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.
Greif announced its fiscal second quarter 2024 results, highlighting a significant decline in financial performance compared to Q2 2023. Net income dropped 60.1% to $44.4 million, and adjusted EBITDA decreased by 25.7% to $169.9 million. Net cash from operating activities fell by $123.3 million to $87.5 million. Total debt rose by $626.9 million, largely due to the acquisition of Ipackchem, increasing the leverage ratio to 3.44x. Notably, Global Industrial Packaging saw a rise in net sales by $56.6 million, while Paper Packaging & Services experienced a slight increase of $6.0 million in net sales but a significant drop in gross profit by $45.4 million. Despite these challenges, Greif plans strategic initiatives and will host an Investor Day in New York City on December 11, 2024, to discuss future plans.
Greif (NYSE: GEF) announced a price increase for all grades of uncoated recycled paperboard (URB) by $50 to $70 per short ton. This change will take effect for new orders and shipments starting July 8, 2024. The price adjustment is driven by rising costs in raw materials, energy, labor, and transportation, along with growing demand for URB products.
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