Greif Inc. Declared Investment to Modernize Greenville County Paper Mill

SEATTLE (Scrap Monster): Leading packaging producer Greif, Inc. announced investment of $13 million over the next five years towards modernizing the operations at its Greenville County paper mill. The investment will boost production capacity at the South Carolina mill. The expansion is expected to be completed in the month of November.

The investment in South Carolina will enable the company to support its tube and core plants. Altogether, the company produces over 2 million tons of 100% recycled paperboard every year.

The company completed divestment of our 50% equity interest in the Flexible Products & Services joint venture.

Greif, Inc had reported net income of $125.1 million or $2.09 per diluted share in Q2 2022, compared to net income of $149.8 million or $2.51 per diluted share in the same quarter a year before. The adjusted EBITDA of $251.0 million surged higher by $74.4 million from $176.6 million in Q2 2021. The company’s net debt dropped by $211.8 million to $1,991.2 million.

Ole Rosgaard, President and Chief Executive Officer of Greif noted that the Q2 results are a testament to the company’s continued execution and customer service focus in overcoming significant ongoing headwinds.