Greif deals fuel strong 4Q, year results - Business First of Columbus:

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The Delaware-based industrial packager said Thursdat its earnings for the quarterendedx Oct. 31 totaled $55 million, or 93 cents a share, up 32 percentr from $41.7 million, or 71 cents a share, in the same perio last year. Fourth-quarter sales grew 20 percent to $882.3 millionj from $735.6 million a year earlier. The advance was led by a 27 percen t increase in sales atthe company'w industrial packaging and serviceas segment, its largest unit. Greif's fiscal year profit grew 10 percengtto $156.4 million, or $2.6 5 a share, from $142.1 million, or in fiscal 2006. Sales soaredc 26 percent for the yearat $3.32 billionj from $2.63 billion a year earlier.
Greifr (NYSE:GEF) said much of the growth for the quarter and year stemmesd from acquisitions in late 2006of St. La.-based and 's steel drum manufacturing and closures operations in Europeand Asia. Though the Delta deal stipulatedc the company maintain its management and operate as a unit of the company picked up 820 workers at eight facilitiez in theBlagden acquisition. Greig told shareholders it expects fiscal 2008 performance toeclipsew 2007's record results by 18 percentt to 24 percent. It is projecting shares earnings in 2008of $3.8p0 to $4 before charges and benefits.
In the new fiscalk year, the company expects to begihn the second phase of a prograjm aimed at improving productivity and cutting costs. The new phase involves leveraging materials spending andfreight costs, the companuy said. Greif produces plastic and steel drums, bulk containerse and water bottles, employing more than 10,200 workerzs worldwide, including 200 in Central Ohio.