DELAWARE, Ohio, Oct. 2, 2023
/PRNewswire/ -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in
industrial packaging products and services, announced today it has
acquired Reliance Products, Ltd. ("Reliance Products" or
"Reliance"), a leading producer of high-performance barrier and
conventional blow molded jerrycans and small plastic containers in
Canada. The all-cash transaction,
which reflects approximately 6.75x proforma adjusted EBITDA, was
funded through Greif's existing credit facility.
With a single operating location in Winnipeg, Canada, Reliance's operations are
strategically located to serve the primary agriculture markets in
North America. Reliance products
utilize a unique in-mold fluorination barrier (IMF) process which
provides a compelling additional capability to the Greif portfolio
of barrier technologies.
"The acquisition of Reliance is a compelling bolt-on to our
recently acquired Lee Container business and adds geographic
breadth and an exciting new barrier technology to our jerrycan and
small plastic container offering," said Ole
Rosgaard, President and Chief Executive Officer of Greif.
"Reliance has built a strong business serving the Canadian market
under the guidance of The Bodtker Group, and we intend to build on
their technical expertise to unlock even more potential and
Nils Bodtker, Chairman of The
Bodtker Group of Companies commented: "We have greatly
enjoyed our decade-long partnership with Reliance, and we offer our
heartfelt thanks to the hard-working and dedicated members of the
Reliance team. They should be very proud of all we
accomplished together. While we will miss the Reliance
family, we are excited for the company's future as our employees
and customers join Greif, a world-class organization that we have
known and respected for many years."
The results of operations for Reliance will be reported within
the Greif Global Industrial Packaging segment. Additional
information on the acquisition and its expected impact on
go-forward operations will be discussed as part of our 2023 fiscal
fourth quarter earnings call scheduled for December 7, 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 Reliance Products, Ltd.
Headquartered in Winnipeg, Manitoba,
Canada, Reliance is a leading manufacturer of plastic
containers for certain specialty markets throughout Canada and the United States. The
company is a top North American supplier of packaging for crop
protection chemicals and a growing supplier of packaging for
industrial chemicals, markets which require significant technical
expertise. Reliance also produces a line of rugged water
containers for consumer use that have been popular with outdoor
enthusiasts for over 50 years.
Investor Relations contact information
Vice President, Corporate Development & Investor Relations
740-549-6158 / Matthew.Leahy@Greif.com
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SOURCE Greif, Inc.