SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 16, 1998
(December 2, 1998)
GREIF BROS. CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-566 31-4388903
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
425 Winter Road, Delaware, Ohio 43015
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (740) 549-6000
Not Applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
On December 2, 1998, Greif Bros. Corporation, a Delaware corporation (the
"Company"), and Abzac s.a., a privately held company in France ("Abzac"),
signed a letter of intent to exchange the Company's spiral core business
for a 49% equity interest in Abzac's fibre drum business. The Company's
spiral core operations include three locations: Bowmanville, Ontario,
Fort Frances, Ontario and Pointe-Aux-Trembles, Quebec in Canada. Abzac's
fibre drum operations include three locations: Lyon, Anvin and Abzac
in France.
The transaction is subject to due diligence and is anticipated to be
completed during the second calendar quarter of 1999.
The letter of intent is described in the press release issued by the
Company on December 7, 1998, which is included herewith as Exhibit 99.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
GREIF BROS. CORPORATION
Date: December 16, 1998 By /s/ Michael J. Gasser
Michael J. Gasser
Chairman and Chief Executive Officer
EXHIBIT INDEX
Exhibit No. Description of Exhibit
99 Press release issued by Greif Bros. Corporation on
December 7, 199
EXHIBIT 99
FOR IMMEDIATE RELEASE For additional information contact:
Robert A. Lentz
Robert A. Lentz and Associates
(614) 876-2000
Greif Bros. Corporation Announces Investment
in French Fibre Drum Manufacturer
DELAWARE, Ohio (December 7, 1998) Greif Bros. Corporation (Nasdaq:
GBCOA/GBCOB and Abzac, a privately held company in France, today announced a
letter of intent for the exchange of Greif Bros. Corporation's ("Greif")
spiral core manufacturing asset for a 49% equity interest in Abzac's fibre
drum business. Greif manufactures spiral cores in 3 locations through its
wholly-owned subsidiary in Canada, Greif Containers, Inc. Abzac, through
one of its subsidiaries, is the leading manufacturer of fibre drums in
France. The transaction is subject to the normal due diligence process
and is anticipated to be completed during the second calendar quarter of 1999.
Michael J. Gasser, Chairman and CEO of Greif Bros. Corporation, stated, "We
are extremely pleased with the opportunity to work with Abzac in the growth
of the fibre drum business in France. We have the utmost respect for their
company. This transaction is expected to leverage the strengths of both
companies and also represents our initial expansion beyond North America."
Statements made in this release which state the Company's or management's
intentions, hopes, beliefs, expectations or predictions of the future are
forward-looking statements. It is important to note that the Company's
actual results could differ materially from those projected in such forward-
looking statements. Additional information concerning factors that could
cause actual results to differ materially from those in the forward-looking
statements are contained in the Company's SEC filings, including but not
limited to the Company's report on Form 10-K and Annual Report for the year
ended October 31, 1997.
Greif Bros. Corporation manufactures and markets a broad variety of superior
quality industrial packaging and components including steel drums, fibre drums,
plastic drums and multiwall bags. The Company is integrated, from its
timberlands to corrugated sheet and box operations, including both virgin and
recycled paper mills. With operations in the United States, Canada and Mexico,
Greif Bros. provides innovative products, services and solutions to meet the
ever changing needs of its customers.
