SUBSEQUENT EVENTS

3 Months Ended

Jan. 31, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Acquisitions

On February 28, 2023, the Company entered into a definitive agreement to increase its ownership interest in Centurion Container LLC (“Centurion”), a leader in the North American IBC reconditioning industry, to an 80% stake in an all-cash

transaction for $145.0 million, subject to customary adjustments for cash and debt, and subject to customary closing conditions, including regulatory clearances. The all-cash transaction will be funded through Greif’s existing credit facility.

The company anticipates completing the acquisition in the second fiscal quarter of 2023. The Company anticipates completing the preliminary purchase price allocation in the second fiscal quarter of 2023, which would then be reflected in the Company’s April 30, 2023 financial statements. The results of operations of the acquired business will be included in the Company’s results from the closing date of the acquisition.

Stock Repurchase Program

The Company settled the ASR and received the remaining shares of Class A Common Stock at February 28, 2023.

See Note 10 to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Form 10-Q for additional information regarding this program and the repurchase of shares of Class A and B Common Stock.