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) January 30, 2001
(January 26, 2001)
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 9 Pages
Index to Exhibits at Page 4
Item 5. Other Events
Industrial Shipping Containers Acquisition
On October 27, 2000, as amended, the Company signed a definitive
agreement to purchase the Industrial Packaging Division
of Royal Packaging Industries Van Leer N.V., a Netherlands
limited liability company, ("Van Leer Industrial") from
Huhtamaki Van Leer Oyj, a Finish corporation, ("Huhtamaki")
for $555 million less the amount of Van Leer Industrial's debt
and certain other obligations as of the closing date. Van Leer
Industrial is a leading worldwide provider of industrial
packaging and components, including steel, fibre and plastic
drums, polycarbonate water bottles, as well as intermediate bulk
containers and closure systems with operations in over 40
countries. Van Leer Industrial reported EUR 921 million in net
sales for its fiscal year ended December 31, 1999.
The transaction will be accounted for as a purchase and is
expected to be completed during the first quarter of calendar
2001 subject to regulatory and other approvals. The Company
expects to finance the purchase through additional long-term
borrowings.
The amendment to this transaction is more fully described in a
press release issued by the Company dated January 26, 2001, which
is included herewith as Exhibit 99.1.
Sale and Purchase of Timber Properties
On December 21, 2000, Soterra LLC, a wholly-owned subsidiary of
the Company, sold certain hardwood timberlands to a third party
situated in Arkansas, Mississippi and Louisiana for approximately
$44 million. As such, the Company recognized a gain of
approximately $43 million related to this transaction. In
addition, an agreement to sell other hardwood timberlands for
approximately $30 million in March 2001 was signed in December
2000. A total of approximately 65,000 acres of timber properties
were sold or will be sold as a result of these transactions.
On December 21, 2000, Soterra LLC, a wholly-owned subsidiary of
the Company, purchased certain softwood timberlands from a third
party situated in Louisiana for approximately $43 million. In a
related agreement signed in December 2000, the Company agreed to
purchase other softwood timberlands for approximately $43 million
in March 2001. A total of approximately 63,000 acres of timber
properties were purchased or will be purchased as a result of
these transactions.
Page 2 of 9 Pages
The gains on the sales transactions, as described above, will be
recognized under accounting principles generally accepted in the
United States. For tax purposes, the transactions will be
treated as like-kind exchanges pursuant to Section 1031 of the
Internal Revenue Code, and will result in a deferral of the tax
gain on the sale transactions.
The transactions are more fully described in a press release
issued by the Company dated January 26, 2001, which is included
herewith as Exhibit 99.2.
Item 7. Financial Statements and Exhibits
(c) Exhibits:
Exhibit Number Description
99.1 Press Release dated
January 26, 2001 issued
by the Company.
99.2 Press Release dated
January 26, 2001 issued
by the Company.
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: January 30, 2001 Greif Bros. Corporation
BY /s/ Kenneth E. Kutcher
Kenneth E. Kutcher, Chief
Financial Officer and
Secretary
Page 3 of 9 Pages
INDEX TO EXHIBITS
Exhibit Number Description Pages
99.1 Press Release dated 5 - 6
January 26, 2001 issued
by the Company.
99.2 Press Release dated 7 - 9
January 26, 2001 issued
by the Company.
Page 4 of 9 Pages