DELAWARE, Ohio (News release) -- Greif, Inc., a global leader in industrial packaging products and services, announced 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 Chief Executive Officer of Greif. "Completion of this acquisition is very 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 $300 million, 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 $6 million in synergies and performance improvements within the next 24 months through the integration of the former Lee operations into the Company's existing business. The strong cultural fit between Greif and Lee is expected to result in a smooth transition as well as a timely integration and synergy capture.

Lee's financial results will be reported within the Greif Global Industrial Packaging segment. Financial expectations for the FY23 ownership period of Lee were included in the guidance provided in the Company's fourth quarter 2022 earnings release. The business is expected to be immediately accretive to margins, cash flow, and earnings. In addition, Lee's product lines will provide immediate further diversification to the global Greif portfolio, and Lee's end market mix will accelerate the Company's shift into a less cyclical end market exposures.