Greif, Inc. announced an agreement to sell 69,200 acres of timberlands in southwest Alabama to Weyerhaeuser Company for approximately $149 million in cash. Proceeds from the transaction will be applied to debt repayment. While this transaction is subject to tax, the Company has tax losses from other transactions which will substantially mitigate the tax associated with this land sale. Pete Watson, Greif’s President and Chief Executive Officer, commented, “We are pleased to enter into this agreement with Weyerhaeuser Company. Proceeds from the transaction will help to de-lever our balance sheet and accelerate the transfer of Greif’s enterprise value from debt to equity holders in line with our stated financial priorities.”
The two companies are strengthening their partnership by developing a 100% recyclable corrugated board solution.
Reducing plastic packaging is a major issue in the CSR approach of La Coopérative Agricole de Noirmoutier, a group of producers of high quality potatoes located on the island of Noirmoutier (Atlantic coast).
It is with the ambition to replace the plastic bags wrapping its potatoes that the Cooperative contacted DS Smith. With its experience and collaborative spirit, it is with enthusiasm that DS Smith organized several workshops bringing together members of the two companies.
The main difficulty was to keep the potatoes in good condition despite the elimination of plastic. Thanks to the expertise of its designers, DS Smith has succeeded in developing a 100% recyclable corrugated board solution that guarantees the conservation and visibility of the potatoes.
The answer is really positive! This solution meets consumers’ environmental expectations and complies with the anti-waste law signed in France on January 30, 2020, which provides for the ban on plastic overwrapping of fresh fruits and vegetables weighing less than 1.5 kilograms.