GEF - Greif reaffirms annual guidance announces Lee Container acquisition
- Greif ( NYSE: GEF ) has reaffirmed its fiscal 2022 guidance, still expecting Class A EPS (before adjustments) of $7.90 to $8.10.
- This guidance reaffirmation is mainly attributable to better-than-expected price realization in fiscal fourth quarter across both Paper Packaging & Services and Global Industrial Packaging segments, offset by lower than expected volumes.
- Greif ( GEF ) will report its fiscal fourth quarter 2022 financial results after the market closes on December 7, 2022.
- Additionally, the company agreed to acquire Lee Container for $300M all-cash deal. The deal will be funded through Greif's ( GEF ) existing credit facility and is expected to close by the end of 2022.
- Lee Container manufactures high-performance barrier and conventional blow molded container, operating three facilities in Homerville, Georgia, Centerville, Iowa and Nacogdoches, Texas. For the trailing twelve months ended September 30, 2022, Lee generated sales of $162M and adjusted EBITDA of $33M.
- Greif ( GEF ) expects to realize ~$6M in synergies within the first two years of ownership.
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Greif reaffirms annual guidance, announces Lee Container acquisition