Exhibit 99

                      Press Release Issued October 7, 2002

                                                           FOR IMMEDIATE RELEASE

                    GREIF BROS. CORPORATION BEGINS TRADING ON
                             NEW YORK STOCK EXCHANGE

DELAWARE, Ohio (October 7, 2002) - Greif Bros. Corporation (NYSE: GEF), a
worldwide leader in industrial packaging, commenced trading on the New York
Stock Exchange (NYSE) with today's opening bell. Greif's two classes of common
stock, which previously traded on the Nasdaq market under GBCOA and GBCOB, will
trade under the ticker symbols GEF and GEF.B, respectively.

"Making this move to the largest and most prestigious stock exchange in the
world fits well with our strategies of global growth and improved shareholder
value," said Michael J. Gasser, chairman and chief executive officer. "We
believe the New York Stock Exchange is a better fit for our company because it
offers investors enhanced liquidity, reduced volatility and improved information
regarding their investments." Joining Mr. Gasser at the opening bell were
members of the senior management team and the board of directors.

About Greif

Throughout its 125-year history, Greif has exhibited solid management and
performance. The Company instituted a strategic growth plan in the mid-1990s
that transformed Greif from a regional supplier to a global leader in industrial
packaging. This growth included the 1998 acquisition of the industrial packaging
business of U.S.-based Sonoco Products Company, which made Greif the North
American leader in its field, and the 2001 acquisition of Van Leer Industrial
Packaging, an international company, which greatly broadened the Company's scope
in Europe and other world markets. Net sales grew from $688 million in FY1997 to
$1.46 billion in FY2001.

Greif's industrial packaging business includes steel, fibre and plastic
containers, primarily for the worldwide chemical, petroleum, agricultural and
food processing industries. In North America, the Company also produces
corrugated containers, specialty corrugated products, multiwall bags and
containerboard. In addition, Greif sells pine timber from its 275,000 acres in
the southeastern United States.

Greif has approximately 10,000 employees in over 40 countries. Additional
information about the Company, its products and markets are on the Company's Web
site at www.greif.com.