Business

Greif, the industrial packaging company, has reported a 31% increase in net income to $69.5m (£37.8m) in the third quarter of 2008.

The company recorded an 18% increase in its net sales to $1bn in the quarter.

It said strong organic sales growth in industrial products and higher selling prices, in response to higher raw material costs, drove the increase in sales.

Its industrial packaging business achieved sales of $159.9m and its paper packaging arm recorded sales of $147.1m.

Michael J. Gasser, chairman and chief executive, said: "We continued to experience strong sales and earnings growth in the third quarter. These results also benefited from our business system and geographic diversity, which mitigated the impact of sharp increases in raw material and other input costs."

Greif has operations in more than 45 countries across the world.