Greif Inc. recently announced that it has entered into a definitive agreement to acquire Caraustar Industries Inc. from an affiliate of H.I.G. Capital, in a cash transaction valued at $1.8 billion. The transaction is expected to close during the first quarter of 2019.
"Caraustar offers an exceptional strategic and cultural fit for Greif," said Pete Watson, Greif's president and CEO. "Its complementary paper packaging and recycled fiber operations will drive significant free cash flow growth, improve balance and profitability within the Greif portfolio and increase Greif's exposure to U.S. industrial and consumer end markets. Most importantly, Greif and Caraustar share the same dedication to providing industry-leading service to all customers. I am excited to welcome our new colleagues to the Greif family and look forward to working closely with them."
"Greif is a well-known market leader with a strong manufacturing base,” said Mike Patton, Caraustar president and CEO. “Our customers will benefit from Greif's customer service focus and broad product offering and our employees will join a culture with a strong legacy for service and quality."