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Greif UK Confronts Rising Raw Material Costs

03/02/2005

GREIF UK CONFRONTS CHALLENGE OF RISING COST OF RAW MATERIALS

Ellesmere Port, United Kingdom (March 2, 2005) – Confronting continued pressures from the increasing cost of polyethylene, a feedstock for Greif’s plastic drum manufacturing business, as well as growing cost pressures for steel, Greif today announced it was implementing a price increase for its United Kingdom customers of plastic and steel drums.

In addressing the increase, Greif UK National Sales Manager Darran Ledsom said, “Throughout 2004, we managed to mitigate only a portion of the higher cost by improving our labour and manufacturing efficiencies. However, our internal efforts were not enough. We must seek relief by passing a portion of the PE and steel cost increases along to our customers.”

Ledsom said that customers in the United Kingdom have been notified by letter of the new pricing for plastic and steel drums.

Contact

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

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