Greif Opens New Steel Drum Plant in China

Greif Bros. Corporation, a world leader in industrial packaging, recently announced the official opening of its steel drum plant in Taicang, Jiangsu, China, a major international port near Shanghai.

The plant will supply large steel drums to the petroleum, chemical, agrochemical, pharmaceutical, food and fragrance industries in Eastern China. Greif also operates an industrial drum plant in the port city of Ningbo, Zhejiang, which has been in production since 1994.

"We are truly excited about expanding Greif's industrial packaging business in the People's Republic of China," stated Trevor Armstrong, vice-president and general manager of Greif's Asia-Pacific strategic business unit. "Our location in Taicang allows Greif to further serve its existing multinational customers in the Shanghai area as well as new regional customers with high quality industrial drums used in shipping and storage."

"We are grateful to our Taicang employees for their help during this start up," he added. "They are dedicated to the Greif tradition of providing customers with excellent solutions, service and products that will enhance our customers' success."

Mr. Armstrong continued, "In addition, we are very proud to establish Greif's newest plant in Taicang, a city that is focused on long-term economic development and strategic international trade. We would like to thank the Taicang government bodies for their assistance in helping Greif locate in this progressive industrial center." Production at the Taicang plant begins today, with 35 employees. Greif has more than 90 employees at its two plants in China and approximately 9,800 employees worldwide.

About Greif Greif is a world leader in industrial packaging products and services. The Company provides extensive experience in steel, plastic, fibre, corrugated and multiwall containers and protective packaging for a wide range of industries. Greif also produces containerboard and manages timber properties in North America. Greif is strategically positioned in more than 40 countries to serve multinational as well as regional customers. Greif's headquarters are in Delaware, Ohio, USA. At the end of fiscal year 2002, the Company reported US$1.6 billion in net sales.

GREIF BROS. CORPORATION