Thursday, September 4, 2014 8:15 am

DELAWARE, Ohio -- Greif has announced the sale of its Multiwall Packaging Division to Industrial Opportunity Partners (IOP), a private equity firm based in Evanston, Illinois. Terms of the transaction were not disclosed.

The Multiwall Packaging Division, founded in 1950 as a division of Greif, produces large format multiwall paper bags used primarily in industrial applications of agricultural and food grade products. Multiwall operates facilities in Rosemount, Minnesota and Omaha, Nebraska.

"The sale of the Multiwall Packaging Division supports our ongoing efforts to sharpen our focus and strategically align the Greif core business portfolio and key growth drivers," said David Fischer, President and CEO, Greif.

"I'd like to thank the employees of the Multiwall Packaging Division, whose commitment to exceeding customer expectations positioned Multiwall Packaging as a well-respected business operation known for delivering high quality products and services," said Dano Lister, Division President, Greif Flexible Products & Services.