Greif Acquires Leading USA Oil and Specialty Chemical Packager

Delta is the largest privately owned blender and packager of lubricants, chemicals, and glycol-based products in North America, with revenues of more than $182 million.

29/09/06 Greif, Inc. has acquired Delta Petroleum Company, Inc. from Riverside Company in Cleveland. Delta is the largest privately owned blender and packager of lubricants, chemicals, and glycol-based products in North America, with revenues of more than $182 million.

Terms of the deal were not disclosed. Greif expects the earnings to be accretive to its fiscal 2007 year, which begins Nov. 1, 2006.

Delta provides a roster of blue-chip clients with blending, filling and packaging, drumming, warehousing, distribution and logistics services. Processing more than 200 million gallons of products a year, all existing Delta operations – Olympic Oil, Ltd.; Delta Rocky Mountain Petroleum, Inc.; Delta Chemical Services; Delta Petroleum Co, Inc.; Vulsay Industries; and Delta Atlantic, Inc. – will retain their identities as a separate business unit. No changes in management are planned.

“The synergies are meaningful,” said Michael Gasser, Greif chairman and chief executive officer. “Delta expands Greif’s value-added service offering for our customers, allowing them to focus on their core businesses. At the same time, Greif’s global footprint provides Delta a world platform for growth.”