Equipment to be Reallocated to Other Facilities to Meet Key Customer Needs
DELAWARE, Ohio - Thursday, June 26th 2014 [ME NewsWire]
(BUSINESS
WIRE)-- 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.
Contacts
Greif, Inc.
Scott Griffin
Vice President, Communications
740-657-6516
Permalink: http://www.me-newswire.net/news/11457/en
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