Business

US industrial packaging group Greif has achieved "record" results for the year ending 31 October 2007, due to acquisitions and organic growth.

The purchase of Blagden Packaging's steel drum and closures business in the UK in the first quarter of 2007 contributed to a 26% increase in net sales, which climbed to £1.63bn ($3.3bn). Without acquisitions and currency fluctuations, sales grew by 8%.

Pre-tax profit rose by 26% to £298m ($605.4m).

Chief executive Michael Gasser was "pleased" with the results, which included "solid" organic sales growth and improved earnings and benefited from "geographic and product diversity".

He said the firm remained committed to sustaining the improved performance and achieving its financial goals for 2009.

Delaware-based Greif produces steel, fibre and plastic drums, bulk containers, blending, filling and packaging services, and containerboard, corrugated sheets and multiwall bags for a number of industries.