U.S. 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) May 6, 1998 (May 4, 1998)
GREIF BROS. CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-566 31-4388903
(State or other jurisdiction (Commission (I.R.S. 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)
Page 1 of 5 Pages
Index to Exhibits at Page 3
Item 5. Other Events
On May 4, 1998, Greif Bros. Corporation, a Delaware corporation,
and RDJ Holdings, a privately held company, agreed to form a joint venture
to operate the sheet feeder plants of Michigan Packaging Company, Ohio
Packaging Corporation and their respective subsidiaries. The joint venture
will be named CorrChoice, with headquarters in Massillon, Ohio.
The joint venture will initially have six sheet feeder plants.
The plants are Michigan Packaging Company in Mason and Grand Rapids,
Michigan; Ohio Packaging Corporation in Massillon, Ohio; Combined
Containerboard in Cincinnati, Ohio; Multicorr Corporation in Louisville,
Kentucky; and Southeastern Packaging Company in Concord North Carolina.
The joint venture is described in the press release issued by the
Company on May 4, 1998, which is included herewith as Exhibit 99.
Item 7. Financial Statements and Exhibits
(a) - (b) Not applicable
(c) Exhibits:
Exhibit Number Description
99 Press Release issued
May 4, 1998
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.
DATE: May 6, 1998 Greif Bros. Corporation
BY /s/ Michael J. Gasser
Michael J. Gasser, Chairman
and Chief Executive Officer
INDEX TO EXHIBITS
Exhibit Number Description Pages
99 Press Release issued 4 and 5
May 4, 1998
Exhibit 99
PRESS RELEASE ISSUED MAY 4, 1998
Michigan Packaging Company And
Ohio Packaging Corporation
Announce The Formation Of CorrChoice
For additional information contact:
Geoffrey A. Jollay
Chairman and Chief Executive Officer
Ohio Packaging Corporation
(330) 833-2884
Michael J. Gasser
Chairman and Chief Executive Officer
Greif Bros. Corporation
(740) 549-6000
DELAWARE, Ohio - May 4, 1998 - Greif Bros. Corporation (NASDAQ: GBCOA;
GBCOB) and RDJ Holdings, a privately held company, have agreed to form a
joint venture to operate the sheet feeder plants of Michigan Packaging
Company, Ohio Packaging Corporation and their respective subsidiaries. The
joint venture will be named CorrChoice, with headquarters in Massillon,
Ohio. The combined corrugated sheet sales of these manufacturing
facilities were $217 million in 1997.
Ohio Packaging Corporation's Chairman and CEO Geoffrey A. Jollay considers
this to be a unique opportunity to blend two companies that have proven
operating strengths and very similar cultures into one powerful and
efficient company. For over 30 years, Ohio Packaging and Michigan
Packaging set the standard for what one had to achieve to be a superior
supplier of corrugated sheets. "We are now merging to create the premier
sheet feeder system in North America," said Jollay. "No company has a
greater group of people or finer facilities to provide the service the
customer deserves on a local basis."
Michael J. Gasser, Chairman and CEO of Greif Bros. Corporation, stated,
"CorrChoice will be dedicated to providing customers with high quality
sheets that add value to their operation and will provide superior customer
service with daily, on-time deliveries. The combination of these two great
organizations into this new independent company will provide the
independent sheet plant owner a source of value added raw material that
they can depend on for the long term."
Greif Bros. Corporation and RDJ Holdings both contribute excellent
facilities and experienced people to CorrChoice, which will contribute to
the growth of the business and enable it to compete on a more level playing
field in a market now controlled by larger mill integrated companies. The
new company will initially have six sheet feeder plants. The plants are
Michigan Packaging Company in Mason and Grand Rapids, Michigan; Ohio
Packaging Corporation in Massillon, Ohio; Combined Containerboard in
Cincinnati, Ohio; Multicorr Corporation in Louisville, Kentucky; and
Southeastern Packaging Company in Concord, North Carolina. These plants
operate a total of nine corrugators. A new sheet feeder operation,
Heritage Packaging Corporation, is in the planning stages for a site yet to
be determined.
The joint venture is subject to obtaining the necessary approvals of
company boards and regulatory authorities.
