U.S. SECURITIES AND EXCHANGE COMMISSION
                      WASHINGTON, D.C.  20549
  
                            FORM 8-K

                         CURRENT REPORT 

                PURSUANT TO SECTION 13 OR 15(d) OF
                THE SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported)          December 10, 1997 


                    GREIF BROS. CORPORATION
     (Exact name of registrant as specified in its charter)


         Delaware                      1-566               31-4388903
(State or other jurisdiction        (Commission          (I.R.S. Employer  
of incorporation)                   File Number)        Identification No.)


  425 Winter Road, Delaware, Ohio             43015
(Address of principal executive offices)   (Zip Code)


Registrant's telephone number, including area code 	  740-549-6000


                               Not Applicable
       (Former name or former address, if changed since last report)

                            Page 1 of 6 Pages
                      Index to Exhibits at Page 4


Item 5.   Other Events

	On December 10, 1997, Greif Bros. Corporation (the "Company") 
signed a non-binding letter of intent (the "Letter of Intent") to acquire 
all of the outstanding shares of KMI Continental Fibre Drum, Inc. ("KMI"), 
a Delaware corporation, Fibro Tambor, S.A. de C.V. ("Fibro Tambor"), a 
Mexican corporation and Sonoco Plastic Drum, Inc. ("SPD"), an Illinois 
corporation, all of which are wholly-owned subsidiaries of Sonoco Products 
Co. ("Sonoco").  In addition, the Company would purchase Sonoco's interest 
in Total Packaging Systems of Georgia, LLC ("TPS"), a Delaware limited 
liability company.  The business operations of KMI, SPD, Fibro Tambor, TPS 
and their respective subsidiaries comprise the entire industrial container 
business operation of Sonoco and its affiliates (the "Industrial Container 
Business").

	The Letter of Intent provides that the purchase price for the 
Industrial Container Business will be $225,000,000 in cash.  The 
acquisition will include twelve fibre drum plants and five plastic drum 
plants along with facilities for research and development, packaging 
services and distribution.

	The Company and Sonoco expect to proceed toward negotiation and 
execution of a definitive purchase agreement with respect to the purchase 
and sale of the Industrial Container Business, which purchase agreement 
will include such representations, warranties, covenants, conditions (which 
conditions will include, among others, satisfactory completion of due 
diligence by the Company and receipt of all required governmental approvals 
or expiration of applicable waiting periods, as the case may be) and 
indemnification provisions as are typical in transactions of this nature.  

	The execution of the Letter of Intent is described in the press 
release issued by the Company on December 11, 1997, which is included 
herewith as Exhibit 99.

Item 7.    Financial Statements and Exhibits

(a)  - (b)  Not applicable

(c)   Exhibits:

  Exhibit Number                   Description

      99                           Press Release issued
                                   December 11, 1997


SIGNATURES

	Pursuant to the requirements of the Securities and Exchange Act 
of 1934, the Registrant has duly caused this report to be signed on its 
behalf by the undersigned hereunto duly authorized.


DATE:	December 15, 1997	                    Greif Bros. Corporation



                                       		BY /s/  Michael J. Gasser
                                       		   Michael J. Gasser, Chairman
                                       		   and Chief Executive Officer


INDEX TO EXHIBITS



Exhibit Number              Description                 Pages

     99                     Press Release issued        5 and 6
                            December 11, 1997	





Exhibit 99

PRESS RELEASE ISSUED DECEMBER 11, 1997


FOR IMMEDIATE RELEASE		For additional information contact:
                       Michael J. Gasser
                       Chairman and Chief Executive Officer
                       (740) 549-6000


GREIF BROS. CORPORATION ANNOUNCES 
SIGNIFICANT INDUSTRIAL SHIPPING CONTAINER ACQUISITION 

DELAWARE, Ohio -- (December 11, 1997) Greif Bros. Corporation (Nasdaq: 
GBCOA; GBCOB) today announced it has signed an agreement in principle to 
acquire all the outstanding stock of KMI Continental Fibre Drum, Inc.; 
Fibro Tambor, and Sonoco Plastic Drum, Inc.; all wholly-owned subsidiaries 
of Sonoco Products Co. (NYSE:SON).  In addition, Greif will purchase 
Sonoco's interest in Total Packaging Systems, LLC.  These companies 
comprise the entire industrial container group of Sonoco and last year had 
combined annual net sales of approximately $210 million. 

The purchase price will be $225 million in cash.  This acquisition includes 
12 fibre drum plants and 5 plastic drum plants along with facilities for 
research and development, packaging services and distribution. It is 
anticipated that this transaction will be completed following due diligence 
and upon approval from the regulatory authorities.  

Michael J. Gasser, Chairman and Chief Executive Officer, commented, This 
strategic business combination positions Greif to achieve its goal of 
delivering to customers the most innovative and cost effective packaging 
services.  The acquisition will afford Greif the opportunity to lower costs 
while at the same time improve quality and service by combining and 
upgrading manufacturing operations and by increasing the effectiveness with 
which it is able to acquire paper and plastic raw material.  The 
acquisition will also increase Greif's research and development 
capabilities and its ability to meet customer demand for new and innovative 
means of delivering their products to market.  Greif's vendor management 
and packaging service, and other even more innovative customer-partnering 
programs, can be expected to benefit directly through the acquisition.  Our 
customers' goals are to deliver their products to market using the most 
effective and lowest cost means.  Our acquisition of Sonoco's industrial 
container group will help us help our customers meet their goals.

William B. Sparks, Jr., President and Chief Operating Officer, stated, 
This acquisition will allow Greif to better serve its customers by 
leveraging the established strengths of both companies in the industrial 
shipping container field.  In addition to the manufacturing facilities, 
this acquisition brings to Greif a market accepted Intermediate Bulk 
Container (IBC) along with a plastic drum expertise and an established 
vendor management program.  This will further enhance capabilities to serve 
current and future packaging needs of our customers.

Statements made in this release which state the Company's or management's 
intentions, hopes, beliefs, expectations, or predictions of the future are 
forward-looking statements.  It is important to note that the Company's 
actual results could differ materially from those projected in such 
forward-looking statements.  Additional information concerning factors that 
could cause actual results to differ materially from those in the forward-
looking statements are contained in the Company's SEC filings, including 
but not limited to the Company's report on Form 10-K and Annual Report for 
the year ended October 31, 1996.

Greif Bros. Corporation manufactures and markets a broad variety of 
superior quality industrial packaging and components including steel drums, 
fibre drums, plastic drums and multiwall bags. The Company is integrated, 
from its timberlands to corrugated sheet and box operations, including both 
virgin and recycled paper mills.  With operations in the United States and 
Canada, Greif Bros. provides innovative products, services and solutions to 
meet the ever changing needs of its customers.