Greif Acquires Leading USA Oil and Specialty Chemical Packager
23 September 2006 - 8:09AM
PR Newswire (US)
DELAWARE, Ohio, Sept. 22 /PRNewswire-FirstCall/ -- Greif, Inc.
(NYSE: GEF; GEF.B) has acquired Delta Petroleum Company, Inc. from
Riverside Company in Cleveland. Delta is the largest privately
owned blender and packager of lubricants, chemicals, and
glycol-based products in North America, with revenues of more than
$182 million. Terms of the deal were not disclosed. Greif expects
the earnings to be accretive to its fiscal 2007 year, which begins
Nov. 1, 2006. Delta provides a roster of blue-chip clients with
blending, filling and packaging, drumming, warehousing,
distribution and logistics services. Processing more than 200
million gallons of products a year, all existing Delta operations
-- Olympic Oil, Ltd.; Delta Rocky Mountain Petroleum, Inc.; Delta
Chemical Services; Delta Petroleum Co, Inc.; Vulsay Industries; and
Delta Atlantic, Inc. -- will retain their identities as a separate
business unit. No changes in management are planned. "The synergies
are meaningful," said Michael Gasser, Greif chairman and chief
executive officer. "Delta expands Greif's value-added service
offering for our customers, allowing them to focus on their core
businesses. At the same time, Greif's global footprint provides
Delta a world platform for growth." Greif, Inc. is the world leader
in industrial packaging products and services. The company provides
extensive experience in steel, plastic, fibre, corrugated and
multiwall containers and protective packaging for a wide range of
industries. Greif also produces containerboard and manages timber
properties in North America. The company is strategically
positioned in more than 40 countries to serve global as well as
regional customers. Additional information is on the company's Web
site at http://www.greif.com/. DATASOURCE: Greif, Inc. CONTACT: Deb
Strohmaier, APR, Director, Communications of Greif, Inc.,
+1-740-549-6074, or cell, +1-614-208-3496, or Web site:
http://www.greif.com/
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