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Grief net sales increases in Q3

US-based industrial packaging company Grief has reported net sales of $961.8m for the third quarter ended 31 July 2017, compared to $845m in the same quarter a year ago.

The firm reported a gross profit of $187.1m, compared to $176.5m in the corresponding quarter last year.

Net sales of the paper packaging & services segment stood at $206.3m, compared to $172.5m in the year before quarter.

Flexible Products & Services segment reported net sales of $73.9m, compared to $69.9m in the previous year.

The net sales of Rigid Industrial Packaging & Services division was $674.4m, compared to $596.8m in 2016.

The company reported an operating profit of $89.5m, when compared to $71.6m last year. The EBITDA value was $116.1m, compared to $101.2m last year.

Greif president and CEO Pete Watson said: “Greif delivered solid operating and financial results during the fiscal third quarter. Customer service levels continue to improve and our operating profit before special items rose by more than 13 percent year over year.

“We are on track to achieve our 2017 Transformation commitments and remain confident that consistent execution of our strategy will result in superior value creation for our customers and shareholders.”

Founded in 1877, Grief employs over 10000 employees and produces steel, plastic, fibre, flexible, corrugated, and reconditioned containers, intermediate bulk containers, containerboard and packaging accessories for a wide range of industries.

The firm has operation in over 45 locations and specializes in rigid industrial packaging & services, paper packaging and land management.