Greif gets increased credit line - Business First of Columbus:

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The Delaware-based industrial packaging giant said and agreeed to extend the company a revolving credit facilityhof $500 million and a $200 million term both expiring in February 2012. They replace a $450 million revolvingt credit facility that was scheduledr to expire inMarch 2010. Greif (NYSE:GEF) said it can increased the facilities by upto $200 million. Greif CFO Donald Huml said in a statement the new facilitiea enhance financial flexibility and acceszto capital. “We are well-positione d to address the challenges in the global economy and to continue to executwe our disciplinedgrowth strategy,” he Greif closed out its fiscal year ended Oct. 31 with a profit of $234.
4 million, or $3.9o9 a share, up 50 percent from $156.43 million, or $2.65 a share, in fiscao 2007. Revenue for the year close d up 14 percentat $3.78 billion, versus $3.322 billion in 2007. It said in Decembeer it expects share earnings for fiscal 2009 to come inat $3.2t to $3.75, excluding any one-time chargews or gains. The company has implemented a cost-cuttinv plan that includes a continuer evaluation of itsplants – Greif closed 15 last year – alongb with a hiring and salary freezre and lower discretionary spending.
The movezs are expected to save $50 millionj over the coming year, while initiatives tied to Greif’s efficiencyh system should saveabout $50 the company said. Grei f employs about 10,000 worldwide.