Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced it has completed an acquisition increasing its ownership in Centurion Container LLC (“Centurion”), a leader in North American intermediate bulk container (“IBC”) and plastic drum reconditioning, from 9% to 80% in an all-cash transaction for $145 million, subject to customary closing adjustments, funded through Greif’s existing credit facility. Since joint venture inception in 2020, Centurion’s experienced management team has successfully scaled a broad reconditioning network which, now under Greif majority ownership, will greatly expand Greif’s presence in North America and Centurion’s offering of reusable and sustainable packaging solutions.<\/p>\n\n\n\n
“The Centurion joint venture has seen rapid growth since our initial investment in 2020,” said Ole Rosgaard, President and Chief Executive Officer of Greif. “We are excited to take a majority stake in this business as it aligns with our strategy, is immediately margin-accretive and directly supports our third Build to Last mission of Protecting our Future through investments in the circular economy.”<\/p>\n\n\n\n
Michael Chorpash, President and CEO of Centurion, remarked “Greif has been a tremendous partner these past three years, and we are excited to continue to grow Centurion with them. Our two companies align well with our shared commitments to advance a circular economy and reduce greenhouse gas emissions.”<\/p>\n\n\n\n
Centurion’s financial results will be reported within the Greif Global Industrial Packaging segment.<\/p>\n","protected":false},"excerpt":{"rendered":"
Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced it has completed an acquisition increasing its ownership in Centurion Container LLC (“Centurion”), a leader in North American intermediate bulk container (“IBC”) and plastic drum reconditioning, from 9% to 80% in an all-cash transaction for $145 million, subject to<\/p>\n","protected":false},"author":1,"featured_media":9715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[810],"class_list":{"0":"post-9714","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-corrugated-folding-carton","8":"tag-greif"},"_links":{"self":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/9714","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/comments?post=9714"}],"version-history":[{"count":1,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/9714\/revisions"}],"predecessor-version":[{"id":9716,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/9714\/revisions\/9716"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/media\/9715"}],"wp:attachment":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/media?parent=9714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/categories?post=9714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/tags?post=9714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}