Greif To Sell Soterra Land To Molpus Woodlands For $462 Mln

(RTTNews) - Greif, Inc. (GEF), an industrial packaging products and services company, on Wednesday announced it has signed a definitive agreement to sell its Soterra land management business to Molpus Woodlands Group, on behalf of its clients for $462 million.

The deal is expected to close around the end of the fiscal year.

The net proceeds from the transaction are expected to be used to repay debt.

Under the agreement, the timberlands of over 173,000 acres are across the Southeastern United States.

The transaction covers more than 173,000 acres of timberlands across the Southeastern U.S. and aligns with the company's previously stated plan to streamline its portfolio. The deal is expected to close around the end of the company's fiscal year, pending customary closing conditions.

In the pre-market trading, Greif is 0.78% lesser at $63.41 on the New York Stock Exchange.