Greif Bros. 8-K 2010
Date of Report (Date of earliest event reported): October 4, 2010 (September 29, 2010)
Registrants telephone number, including area code: (740) 549-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Section 1 Registrants Business and Operations
On September 29, 2010, Greif, Inc. (the Company) and its indirect subsidiary Greif International Holding Supra C.V., a Netherlands limited partnership (Greif Supra), entered into a Joint Venture Agreement with Dabbagh Group Holding Company Limited, a Saudi Arabia corporation (Dabbagh), and National Scientific Company Limited, a Saudi Arabia limited liability company and a subsidiary of Dabbagh (NSC). Since 2007, the Company (through its indirect subsidiary Greif International Holding B.V.) and Dabbagh (through its affiliate Petromin Corporation), have been participating in a joint venture known as Greif Saudi Arabia Ltd., a Saudi Arabia limited liability company.
Pursuant to the Joint Venture Agreement, Greif Supra and NSC are to engage in the polywoven industrial packaging business and build and operate a polywoven fabric manufacturing facility in Saudi Arabia and possibly other countries. Greif Supra and NSC have equal economic interests in the joint venture in all respects, notwithstanding the actual ownership interests in the various legal entities. Greif Supra will provide the management for the operation of the business of the joint venture. The Joint Venture Agreement addresses, among other things, governance and management matters, voting thresholds for board decisions, meeting requirements, dividend policy and distributions, the budget process, and restrictions on transfer of ownership interests, together with customary provisions for exclusivity, termination, dissolution, confidentiality and compliance with laws.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.