PCA completes $1.8B acquisition of Greif’s containerboard business

Greif completed the divestiture of its containerboard business to Packaging Corporation of America for $1.8 billion in cash, the companies announced after markets closed Tuesday afternoon. The transaction itself closed on Sunday, according to a securities filing.

“The closing of this sale marks an important step forward for Greif,” Greif President and CEO Ole Rosgaard said in a statement. “This transaction unlocks immediate value for our shareholders and allows Greif to deliver stronger and more consistent earnings power, enhances our capital efficiency, and accelerates debt reduction.”

The company plans to use proceeds from the sale to pay down approximately $1.4 billion in debt, according to another securities filing.

PCA completes $1.8B acquisition of Greif’s containerboard business | Packaging Dive

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