Greif Acquires Reliance Products, Boosting Barrier Technology Portfolio

Greif, Inc. GEF has announced the acquisition of Reliance Products, Ltd., a producer of barrier and conventional blow molded jerrycans and small plastic containers in Canada.

The acquisition, an all-cash deal, was facilitated through Greif's pre-existing credit facility and is valued at approximately 6.75x proforma adjusted EBITDA. The financial terms were not disclosed.

Reliance is based in Winnipeg, Canada, and is strategically located to serve the primary agricultural markets throughout North America. The company's operational results will be included in the Greif Global Industrial Packaging segment.

"The acquisition of Reliance is a compelling bolt-on to our recently acquired Lee Container business and adds geographic breadth and an exciting new barrier technology to our jerrycan and small plastic container offering," said Ole Rosgaard, President and CEO of Greif. 

As of July 31, 2023, Greif had cash and equivalents totaling $157.7 million.

Price Action: GEF shares are trading higher by 0.79% at $67.34 on the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.