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Greif NA Reacts to Rising Costs

01/10/2005

GREIF FACES CHALLENGE OF RISING COST OF RAW MATERIALS

DELAWARE, Ohio (Jan. 10, 2005) – Feeling continued pressures from the increasing cost of polyethylene, a feedstock for Greif’s plastic drum manufacturing business, as well as growing cost pressures for drum liner and other materials used in fibre drums, Greif today announced it was implementing a price increase for its North American customers of plastic and fibre drums.

Greif Division President, Industrial Packaging & Services (IPS) – Americas David Fischer said continued cost escalations in major raw materials, including high density polyethylene, polycarbonate and drum liner, coupled with the increases in freight rates, require the company to increase prices.

“We continue to feel the pinch of cost increases, ” Fischer said. “Throughout 2004, we managed to mitigate only a portion of the higher cost by improving our labor and manufacturing efficiencies. However, with the magnitude of recent cost increases we must seek relief by passing a portion of the cost increases along to our customers in North America.”

Fischer said that customers in North America have been notified by letter of the new pricing for plastic and fibre drum.

Contact

Matt Eichmann Vice President,
Investor Relations and Corporate Communications
Greif, Inc.
Office: (740) 549-6067

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