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. (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) 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
On February 28, 2023, Greif, Inc. (NYSE: GEF, GEF.B) announced its Board of Directors declared quarterly cash dividends of $0.50 per share on Class A Common Stock and $0.75 on Class B Common Stock. The dividends are payable on April 1, 2023, to stockholders of record by the close of business on March 17, 2023. Greif operates globally in over 35 countries, providing a wide range of industrial packaging solutions and services.
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