Greif, Inc. (NYSE:GEF) shares are trading higher after the company announced a $150 million share buyback program.
The Company has entered into a $75 million accelerated share repurchase agreement with Bank of America, N.A. to repurchase shares of the Company's Class A stock. In addition, the Company plans to repurchase an aggregate of $75 million shares of its Class A and Class B stock in open market purchases.
Greif President and Chief Executive Officer Ole Rosgaard commented: "Our decision to execute a share buyback is an important demonstration of our conviction in Greif's Build to Last strategy and our view on the value of Greif's stock, as well as our commitment to returning cash to shareholders through disciplined capital allocation. I look forward to sharing more about our company, strategy, and the path ahead at Investor Day today."
Greif Inc is a producer of industrial packaging products and services with manufacturing facilities located in many countries.
GEF Price Action: Greif, Inc. has traded between $53.65 and $72.00 over a 52-week period.
The stock was trading about 6.3% higher at $62.44 per share on Thursday at the time of publication.
