DELAWARE, Ohio--(BUSINESS WIRE)--Greif (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, today announced the sale of its Multiwall Packaging Division to Industrial Opportunity Partners (IOP), a private equity firm based in Evanston, Illinois. Terms of the transaction were not disclosed.
The Multiwall Packaging Division, founded in 1950 as a division of Greif, produces large format multiwall paper bags used primarily in industrial applications of agricultural and food grade products. Multiwall operates facilities in Rosemount, Minnesota and Omaha, Nebraska.
“The sale of the Multiwall Packaging Division supports our ongoing efforts to sharpen our focus and strategically align the Greif core business portfolio and key growth drivers,” said David Fischer, President and CEO, Greif.
“I’d like to thank the employees of the Multiwall Packaging Division, whose commitment to exceeding customer expectations positioned Multiwall Packaging as a well-respected business operation known for delivering high quality products and services,” said Dano Lister, Division President, Greif Flexible Products & Services.
About Greif, Inc.
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.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with $460 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.