Greif Inc has confirmed that it has completed its previously announced acquisition of Lee Container Corporation, Inc.
“We are thrilled to welcome our Lee Container colleagues to Greif,” said Ole Rosgaard, President and CEO, Greif. “Completion of this acquisition is exciting for both companies. Lee is a premiere organization and fits perfectly within the strategic parameters of our repeatable M&A playbook. We foresee abundant opportunities to continue growing Lee organically as well as seeking add-on acquisitions to further broaden our footprint in jerrycans and small plastics.”
The cash transaction of $300m, subject to final closing adjustments, was funded through the company’s existing credit facility. Greif estimates that it will be able to achieve at least $6m in synergies and performance improvements within the next 24 months through the integration of the former Lee operations into the Company’s existing business.