Business News

Greif Adds to Portfolio in Scandinavia

Monday 16. November 2009 - Greif, Inc., (NYSE: GEF, GEF.B) has acquired privately held Hannells Industrier AB. With operations in Scandinavia, the company manufactures plastic drums, jerricans and pails; steel drums; and intermediate bulk containers for customers primarily in the chemical, petrochemical and paint industries

Terms of the purchase were not disclosed. Greif expects the earnings from
the acquisition to be accretive to its 2010 fiscal year, which began Nov. 1.



“Hannells presented an ideal opportunity in the region and fit well
within our established strategy for growth through selective acquisition,”
said Michael J. Gasser, Greif chairman and chief executive officer. “We
expect their technical knowledge in plastics, impressive production
capabilities and finely targeted geographic range to be great assets for
Greif.”



“In Greif, the company has a long term and strong owner who knows the
packaging industry and has knowledge of the major customers in our industry.
This I am sure will benefit both employees and customers,” said Patrik
Hannell, who had owned the business.



Ivan Signorelli, Greif senior vice president, Industrial Packaging &
Services – Europe, said, “With this expansion of our profile in Europe, we
will be able to augment our service to Greif’s as well as Hannell’s
customers. The melding of the two companies’ expertise in steel and plastic,
the stability of the Greif global organization and the enhanced synergy among
all the Greif plants in our regional network gives our customers a stronger
partner for their packaging needs. We will also be introducing the Greif
Business System into the factories, which adds its own set of benefits for
employees and customers.”



Approximately 240 employees work at factories in Falkenberg, Sweden;
Herning, Denmark; and Fredrikstad, Norway. The sites will be placed under the
Greif name.