Greif acquired Blagden Packaging Group (steel drum, closures & bulk bag business) for EUR 205.0 million (approx. US$265M annualized net sales), a transaction completed in November 2006, structured as all cash.
Blagden Packaging Group (steel drum, closures & bulk bag business) operates in Industrial Packaging & Services, is based in Netherlands, Belgium, France, UK, Spain, Singapore, Malaysia, had revenue of about approx. US$265M annualized net sales. Greif's international subsidiaries acquired the Blagden Packaging Group's new steel drum manufacturing, closures and bulk bag businesses in Europe and Asia for EUR 205.0 million (subject to a working-capital adjustment). The acquired operations carried roughly US$265 million of annualized net sales and about 820 employees across the Netherlands, Belgium, France, the UK, Spain, Singapore and Malaysia. Deal terms were undisclosed at announcement and the price was confirmed at closing.
Consistent with Greif's long-term strategy to be the leading producer of industrial packaging worldwide and to consolidate the European/Asian steel drum market.
Expanded Greif's steel drum footprint and network across Europe and Asia; expected to be accretive to FY2007 earnings. industry consolidation and expanded European/Asian network Industrial Packaging & Services - Europe
Acquisition of Blagden's steel drum and closures business is consistent with Greif's long-term strategy to be the leading producer of industrial packaging around the world. We expect our shareholders, customers and employees alike will benefit from our industry consolidation activities and expanded network in Europe and Asia.Michael J. Gasser, Chairman & CEO, Greif, Inc.
By adding Blagden's steel drum and closures business to Greif's existing footprint, our customers can be assured of a continued optimal and cost-effective supply of packaging material for the future.Ivan Signorelli, SVP, Industrial Packaging & Services - Europe, Greif
Advisory firms were not disclosed for this transaction.