Greif Bros. Corp. completed
its acquisition of the Van Leer Industrial packaging division from Huhtamaki
Van Leer Oyj of Espoo, Finland for $555 million, which includes the assumption
of debt and other obligations. Greif and Huhtamaki announced the signing of a
definitive purchase agreement for Van Leer Industrial on October 30, 2000 and
an amendment on January 26, 2001.
With the purchase of Van
Leer Industrial, Greif nearly doubles its revenue base with approximately 200
locations in more than 40 countries.
Before the acquisition,
Greif was the leading supplier of industrial shipping containers in North
America. The Van Leer Industrial acquisition expands Greif's markets to Europe,
Africa, Asia, Australia and Latin America. Greif anticipates that approximately
80% of net sales for the combined Company will be from North America and Europe
and 20% from the remaining regions.
The product line for Greif's
Industrial Shipping Containers business segment includes steel drums, fibre
drums, plastic drums, intermediate bulk containers, plastic bottles, steel
pails and drum closure systems. In addition, the Company provides various
packaging-related services.
Explore the March 2001 Issue
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