Greif To Close Flexible Products Plant In Saudi Arabia

Greif (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, announced today that it will cease operations at its Flexible Products & Services (FPS) plant in the Kingdom of Saudi Arabia by August 31 and reallocate equipment to other Greif FPS facilities.

Greif FPS was developed in 2010 as a joint venture between Greif and National Scientific Company Limited (NSC). This joint venture represents the leading integrated global network for FIBCs, technical textiles, shipping sacks, container liners, PackH2O™ and more.

“The Flexible Products and Services business is a strategic component to Greif’s overall business strategy,” said Dano Lister, Division President, Greif FPS. “As our business grows and diversifies, we carefully assess market dynamics and the existing and future needs of current and prospective customers. As part of this strategic assessment, we are taking steps to end operations at the plant in Saudi Arabia and shift those resources to other Greif FPS facilities. The decision to shift operations is part of a normal restructuring that will advance the joint venture’s long-term business goals and better serve our target markets and needs of strategic customers.”

The plant in Saudi Arabia represents a small portion of the joint venture’s overall fabric production capacity.

About Greif

Greif is a world leader in industrial packaging products and services. The company produces steel, plastic, fibre, flexible, corrugated, multiwall and reconditioned containers, intermediate bulk containers, containerboard and packaging accessories, and provides blending, filling, packaging and industrial packaging reconditioning services for a wide range of industries. Greif also manages timber properties in North America. The company is strategically positioned in more than 50 countries to serve global as well as regional customers. Additional information is on the company's website at www.greif.com.

Copyright Business Wire 2010

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