Greif To Sell (CONT’D FROM PAGE 20)
Greif completed a reorganization late last year in which it shifted from geography-based operations to sub- strate-based segments, with an enhanced focus on poly- mer-based solutions. The company also introduced a plan in December 2024 to reduce costs by $100 million by the end of FY 2027. Greif announced in early July that it would sell its con- tainerboard business to Packaging Corporation of Ameri- ca for $1.8 billion in cash. The transaction is expected to close by the end of September and “represents a pivot- al step in our work to sharpen our portfolio, enhance our capital efficiency, and advance our growth priorities,” said Rosgaard in a July statement. This year, the company also has announced multiple facility closures, including a containerboard and uncoated recycled paperboard mill in Fitchburg, Massachusetts; a non-integrated, uncoated recycled paperboard machine in Austell, Georgia; a coated and uncoated recycled pa- perboard mill in Los Angeles; and a facility in Merced, Cal- ifornia, that manufactures industrial steel drums and small polymer containers. In total, approximately 255 jobs were cut in those closures. Cash proceeds from the timberland sale will go toward debt reduction, which executives flagged in December as a near-term priority. Visit greif.com for more information.
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