GREIF
US transport packaging specialist eyes takeover of German FIBS manufacturer Storsack / "Big Bag" deal already approved by Germany's Cartel Office
Transport packaging specialist Greif (Delaware, Ohio / USA; www.greif.com) has every intention of taking over "Flexible Intermediate Bulk Containers" (FIBC) manufacturer Storsack (Viernheim / Germany; www.storsack.com), as revealed by an application submitted to the German Federal Cartel Office on 6 January 2010, which was subsequently granted on 22 January. The companies do not want to comment on the matter at the present stage, but it seems Greif wants to acquire full ownership and hopes the deal will go through before the end of February.
The Storsack group considers itself the world market leader for "Big Bags". The group’s nucleus and present holding company International PolySacks was founded in 1970 by Thomas Noor. Over the years, Storsack swallowed former competitors such as Haberl, Eurea, Mulox, Rosenlew and Dorton. Today, the company employs more than 3,000 people at 18 production sites (10 in Europe, six in Asia, and two in the Nafta region). Group sales amount to about EUR 160m according to BWK (Stuttgart / Germany; www.bwk.info), which holds a 20% stake in the company. The majority stakeholder is Thomas Noor and his family.
The Greif group is divided into three business groups: Industrial Packaging, Paper Packaging and Land Management. Founded in 1877 as a maker of wooden barrels, casks and kegs, the company still owns large swathes of timberland in the US. In the middle of the 20th century, with the advent of cellulose fibre drums, Greif successfully switched from wooden casks to the manufacture of fibre, steel and plastic drums, corrugated containers, intermediate bulk containers, corrugated products for transit protection, multiwall shipping bags and containerboard. With the acquisition of the "Van Leer Industrials" drum business from the previously merged Huhtamaki Van Leer in 2001 – see Plasteurope.com of 16.11.2000 – Greif doubled in size. In the last few years, too, the company has been intent on expansion, making numerous acquisitions. Today, Greif has a workforce of around 8,200 at more than 200 sites worldwide. Sales in fiscal 2009 (31.10.) amounted to USD 2.8 bn (around EUR 2 bn).
The Storsack group considers itself the world market leader for "Big Bags". The group’s nucleus and present holding company International PolySacks was founded in 1970 by Thomas Noor. Over the years, Storsack swallowed former competitors such as Haberl, Eurea, Mulox, Rosenlew and Dorton. Today, the company employs more than 3,000 people at 18 production sites (10 in Europe, six in Asia, and two in the Nafta region). Group sales amount to about EUR 160m according to BWK (Stuttgart / Germany; www.bwk.info), which holds a 20% stake in the company. The majority stakeholder is Thomas Noor and his family.
The Greif group is divided into three business groups: Industrial Packaging, Paper Packaging and Land Management. Founded in 1877 as a maker of wooden barrels, casks and kegs, the company still owns large swathes of timberland in the US. In the middle of the 20th century, with the advent of cellulose fibre drums, Greif successfully switched from wooden casks to the manufacture of fibre, steel and plastic drums, corrugated containers, intermediate bulk containers, corrugated products for transit protection, multiwall shipping bags and containerboard. With the acquisition of the "Van Leer Industrials" drum business from the previously merged Huhtamaki Van Leer in 2001 – see Plasteurope.com of 16.11.2000 – Greif doubled in size. In the last few years, too, the company has been intent on expansion, making numerous acquisitions. Today, Greif has a workforce of around 8,200 at more than 200 sites worldwide. Sales in fiscal 2009 (31.10.) amounted to USD 2.8 bn (around EUR 2 bn).
27.01.2010 Plasteurope.com [215341]
Published on 27.01.2010
German version of this article...