Greif Inc. recently announced that it has completed its previously announced acquisition of Caraustar Industries Inc.
“I am pleased that we have completed the acquisition of Caraustar Industries and I welcome our new colleagues to the Greif team,” said Pete Watson, president and CEO, Greif. “The addition of Caraustar bolsters our leadership position and enhances our existing portfolio of packaging solutions. We look forward to delivering on the opportunities that the addition of Caraustar provides for our team, our customers and our shareholders.”
Greif reportedly estimates that it will be able to achieve at least $45 million in cost synergies and performance improvements within the next 36 months through the integration of the former Caraustar operations into Greif's existing business.
Caraustar's financial results will be reported within Greif's Paper Packaging and Services segment going forward.