Greif South Africa Attains Broad-Based Bee Status
April 04 2006 - 7:36AM
PR Newswire (US)
JOHANNESBURG, South Africa, April 4 /PRNewswire/ -- On 24 February,
Greif South Africa entered into a transaction with a diverse group
of partners comprising companies controlled by black women, black
men, and the employees of Greif South Africa to become a
Broad-Based Black Empowered Enterprise (BEE) under South African
law. The partners, who are acquiring 30 percent of the South
African business of Greif, are Nozala; Sphere; WOESA Investments;
West Dunes; and a Trust representing the employees of Greif South
Africa. "Greif's vision is to be the best industrial packaging
company in the world in all aspects, and this is a giant step in
that direction," said David Fischer, Greif's President of
Industrial Packaging & Services - Americas and Africa. Greif's
Regional Manager for Africa Reinier Hietink said his group had
worked for three years on creating the right structure for
broad-based BEE status. "We have kept a scorecard of the metrics
that measure BEE," Hietink said. "Our results are in line with or
better than some companies that have formally achieved the status.
We have been working seriously on improving results in equity and
employment, management and procurement. We have also invested in
social programs to improve the lives of our employees and their
communities." Hietink said the joint venture's formal BEE scorecard
will be posted and maintained on the Greif web site,
http://www.greif.com/. Nozala is a black-led women's investment
company with a mission to increase female participation in the
economy while simultaneously improving the quality of life of
ordinary South African women. Salukazi Dakile- Hlongwane, the Chief
Executive of Nozala stated, "This transaction is a vote of
confidence in the abilities of women businesspeople. Women bring
diversity to the corporate world and diversity enables creativity
in problem solving. Nozala is excited about adding another
world-class packaging company in its fold and looks forward to a
mutually beneficial business relationship." Sphere is a new
generation empowerment investment company managed and controlled by
black professionals with a background in private equity, investment
banking, corporate law and asset management. Sphere's ownership
structure has been designed to promote both entrepreneurship and
broad-based empowerment. Accordingly, the majority of the equity in
Sphere is owned by the management team and by broad-based groupings
that have a particular focus on education and the economic
empowerment of women, the youth and the disabled. Itumeleng
Kgaboesele, the Chief Executive Officer of Sphere, stated that
Sphere was delighted to partner with a world leader of Greif's
calibre. WOESA Investments (Pty) Ltd is the commercial vehicle of
an association of over 100 black women-owned and -managed companies
active in the oil and energy sector. WOESA facilitates, promotes
and participates in business opportunities for South African women
in the Oil and Energy industry. "WOESA as a women's empowerment
organisation is excited to have become part of Greif South Africa.
Women can participate in leading positions and use women's
particular value-add to the advantage of this leading packaging
company for oil products," says Pinky Moabi, Director of WOESA
Investments. West Dunes is based in the Mpumalanga Province and is
owned and managed by a black woman, Prisca Nyoni, who is a member
of Women in Oil & Energy of SA. West Dunes has been formed to
facilitate previously marginalised black women's participation in
broad-based empowerment deals within the oil and energy sectors.
West Dune's director, Prisca Nyoni, appreciates Greif's efforts to
empower a company based in a non-metropolitan area of South Africa
and incorporating it into a dynamic pool of very competent
empowerment companies. "Indeed, this deal is truly broad based. We
are confident that the future of Greif can only be brighter," says
Nyoni. Employees of Greif South Africa (Pty) Ltd includes all of
the approximately 280 employees of Greif South Africa, including
production and office workers. Employee trustee, Mr Thabo
Taukobong, says that most commendable is the all-inclusive
broad-based nature of the deal in that it provides employees with
an equity stake in the company. Greif operates plants in
Vanderbijlpark and Jet Park (Johannesburg), Mobeni (Durban) and
Epping (Cape Town), which produce steel and plastic drums. The
company also maintains a sales office and distribution center in
Port Elizabeth Greif is the world leader in industrial packaging
products and services. The company manufactures and distributes an
extensive range of 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 43 countries to
serve global as well as regional customers. Additional information
is on the Company's Web site at http://www.greif.com/. DATASOURCE:
Greif CONTACT: Deb Strohmaier, APR, Director, Communications, +1
740-549-6074, Web site: http://www.greif.com/
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