DELAWARE, Ohio (News release) -- Greif, Inc., a global leader in industrial packaging products and services, announced that it has entered into a definitive agreement with Molpus Woodlands Group, on behalf of clients, to sell its Soterra land management business for $462 million.

This transaction, which includes over 173,000 acres of timberlands across the Southeastern United States, follows Greif's previously announced intent to divest the business as part of its strategic portfolio optimization. The deal is expected to close shortly before or after the Company's fiscal year end, subject to customary closing conditions.

"The sale of the Soterra timberlands aligns with our strategy to focus our portfolio on opportunities where Greif can be an industry leader," said Ole Rosgaard, President and Chief Executive Officer of Greif. "This transaction enhances our ability to invest in higher-margin, less cyclical markets, and positions Greif for further long-term success and value creation."

"These timberlands seamlessly complement our existing portfolio, offering diverse, highly productive assets strategically located near robust timber markets with strong, competitive pricing," said Terrell Winstead, President and CEO of Molpus. "With our long history of creating value for similar properties in these areas, we believe this opportunity fits well within our long-term investment strategy and sustainable forest management approach."

Cash proceeds from the sale will be allocated to debt repayment.

Perella Weinberg served as exclusive adviser to Greif during the transaction.