“Given our industrial focus, we were not the rightful owner of the CPG business. The sale helps us de-lever our balance sheet, optimize our capital allocation plans and refocuses our business on our core industrial franchise and strategic growth priorities in Intermediate Bulk Container production and reconditioning and containerboard integration,” says Pete Watson, Greif president/CEO.
Proceeds from the sale of CPG will be used toward debt repayment. Greif expects no material impact to its Fiscal 2020 outlook or Fiscal 2022 financial commitments from this sale and reaffirms its expectation of at least $70 million synergies over 36 months from the closing of the Caraustar acquisition.
More info: www.greif.com