Greif, Inc has completed an acquisition increasing its ownership in Centurion Container LLC, from 9% to 80% in an all-cash transaction for $145m, subject to customary closing adjustments.
Since joint venture inception in 2020, Centurion’s experienced management team has successfully scaled a broad reconditioning network which, now under Greif majority ownership, will greatly expand Greif’s presence in North America and Centurion’s offering of reusable and sustainable packaging solutions.
“The Centurion joint venture has seen rapid growth since our initial investment in 2020,” said Ole Rosgaard, President and CEO, Greif. “We are excited to take a majority stake in this business as it aligns with our strategy, is immediately margin-accretive and directly supports our third Build to Last mission of Protecting our Future through investments in the circular economy.”
Michael Chorpash, President and CEO, Centurion, remarked, “Greif has been a tremendous partner these past three years, and we are excited to continue to grow Centurion with them. Our two companies align well with our shared commitments to advance a circular economy and reduce greenhouse gas emissions.”
