DELAWARE, Ohio, Aug. 30,
2023 /PRNewswire/ -- Greif, Inc. (NYSE: GEF, GEF.B),
a global leader in industrial packaging products and services,
today announced it has acquired 51% of the ownership interest in
ColePak, LLC in an all-cash transaction funded through Greif's
existing credit facility.
ColePak is the second largest supplier of paper partitions in
North America and has a compelling
future growth path in that unique product niche. As partners,
ColePak adds a completely new product offering to the Greif paper
converting portfolio, which provides integration to the Greif mill
system in both containerboard and URB grades. Additionally, the
ColePak margin profile is immediately accretive to the Greif
portfolio. A shared set of company values, a growth-oriented
business profile, and exposure to stable and growing food and
beverage end markets all further highlight the strong strategic
fit, which closely reflects the growth priorities we outlined at
our Investor Day in 2022.
"ColePak has done a phenomenal job of growing a thriving and
financially successful business due to their strong values,
relentless customer-service focus, and robust family culture," said
Ole Rosgaard, President and Chief
Executive Officer of Greif. "Those fundamental characteristics of
their business mirror our approach at Greif, which is why this is
such a compelling partnership. As a part of the Greif portfolio, we
plan to share best practices from our multi-national perspective
with ColePak to further elevate their opportunities, while also
advancing our Build to Last priorities. We are excited to learn
from the expertise of our new colleagues, and welcome them to the
Jason and Ryan Cole,
second-generation owners of ColePak, commented: "The Cole family is
excited to begin this journey with Greif. Greif has been a supplier
to ColePak for over 35 years, and the Cole family has developed
great trust and admiration for Greif, which has culminated in this
partnership. Their noncompromising commitment to their customers,
their employees, and quality of product align well with the ColePak
values, and we look forward to the continued success and the growth
this partnership will provide into the future."
The ColePak financial results will be reported within the Greif
Paper Packaging & Services segment as part of our Q4 2023
results, and the expected 2023 contribution will be included in
guidance provided at our upcoming Q3 2023 earnings conference call
on August 31, 2023.
About Greif, Inc.
Greif is a global leader in industrial packaging products and
services and is pursuing its vision: be the best performing
customer service company in the world. The Company produces steel,
plastic and fibre drums, intermediate bulk containers,
reconditioned containers, jerrycans and other small plastics,
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 35 countries to serve
global as well as regional customers. Additional information is on
the Company's website at www.greif.com.
About ColePak, Inc.
ColePak is a leading manufacturer of paper
partitions in North America. From our beginnings in
1987, the Cole family has strived to live out our faith
through service to our employees, our customers and our
suppliers. This focus has resulted in dynamic growth and our
current strong industry positioning. We currently operate in
two locations: serving the glass
container, automotive, pharmaceutical, and other packaging
industries from our Ohio location, as well as the wine, glass,
and beverage industry through Fortress Packaging, LLC located in
the Napa Valley.
Investor Relations contact information
Vice President, Corporate Development & Investor
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SOURCE Greif, Inc.