Greif gets increased credit line - Business First of Columbus:

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The Delaware-based industrial packaging giant said and agreed to extendx the company a revolvin g credit facilityof $500 million and a $200 millionm term loan, both expiring in Februaryy 2012. They replace a $450 million revolving creditt facility that was scheduled to expire inMarchn 2010. Greif (NYSE:GEF) said it can increase the facilitiese by upto $200 million. Greig CFO Donald Huml said in a statement the new facilities enhance financial flexibility and accessxto capital. “We are well-positioned to address the challenges in the global economy and to continue to executw our disciplinedgrowth strategy,” he said. Greif closed out its fisca yearended Oct.
31 with a profit of $234.5 million, or $3.99 a share, up 50 percent from $156.34 million, or $2.65 a in fiscal 2007. Revenue for the year closedc up 14 percentat $3.78 billion, versus $3.32 billiobn in 2007. It said in Decembet it expects share earnings for fiscak 2009 to come inat $3.265 to $3.75, excluding any one-timew charges or gains. The compan has implemented a cost-cutting plan that includexs a continued evaluation of itsplantw – Greif closed 15 last year – along with a hirintg and salary freeze and lowerd discretionary spending.
The moves are expected to save $50 million over the cominv year, while initiatives tied to Greif’s efficiencyh system should saveabout $50 million, the company said. Greid employs about 10,000