CORRECTION - Greif Plans to Acquire IPACKCHEM

DELAWARE, Ohio, Oct. 31, 2023 (GLOBE NEWSWIRE) --

In a release issued under the same headline earlier today by Greif, Inc. (NYSE: GEF, GEF.B), please note that, in footnote (1), "within 48 months of planned ownership" should read "within 18 months of planned ownership." The corrected release follows:

Highlights

• IPACKCHEM is a global leader in premium barrier and non-barrier jerrycans and small plastic containers
• Platform investment supports future growth in EMEA and APAC, with unique barrier technology, best-in-class facilities across five continents, and strong technical and operational management
• Favorable exposure to secular growth markets in agriculture, specialty chemicals, flavor & fragrances, and pharmaceutical & medical diagnostics
• Financial profile is immediately accretive to EBITDA margins and free cash flow
• Compelling value at 9.4x last twelve months adjusted EBITDA of $57 million and 8.4x synergized¹ EBITDA of $64 million for a global leader with nearly 25% EBITDA margins and 65% cash conversion
• Planned acquisition is fully aligned with Greif’s enterprise strategy of growing into margin-accretive, resin-based products with strong circularity characteristics serving multiple end markets

Note: all financials translated based on 1.05/1.00 EUR to USD exchange rate as of October 18, 2023
(1) Estimated synergies of $7 million represent Greif low-end estimate for synergy capture within 18 months of planned ownership based on information available as of October 31, 2023; upside potential will be refined throughout that period and updates will be communicated as synergies are realized.

Transaction Overview
Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, announced today that it has entered into exclusive negotiations to acquire I PACKCHEM Group SAS, a global leader in premium barrier and non-barrier jerrycans and small plastic containers, from an affiliate of SK Capital Partners, in a cash transaction valued at $538 million. The planned transaction would be funded through available capacity in Greif’s existing credit facilities and would be expected to close by the end of the second quarter of Greif’s 2024 fiscal year, subject to prior completion of the information-consultation processes under French law and closing conditions, including regulatory clearances.