Delaware, Ohio, USA, 05 June 2007 -- /PRNewswire/ -- The board of directors of Greif, Inc. (NYSE: GEF; GEF.B) today declared quarterly cash dividends of USD 0.28 per share of Class A Common Stock and USD 0.42 per share of Class B Common Stock. On a two-for-one post-stock split basis, this compares with first- quarter dividends of USD 0.18 per share of Class A Common Stock and USD 0.27 per share of Class B Common Stock.

Michael Gasser, Greif chairman, chief executive officer, and president said, "The increase in dividends is consistent with the company's targeted dividend payout ratio of 30% to 35% over a complete business cycle."

The dividends are payable on 01 July 2007, to shareholders of record at close of business on 18 June 2007.

Greif, Inc. is a world leader in industrial packaging products and services. The company produces steel, plastic, fiber, corrugated and multiwall containers, protective packaging, and containerboard, and provides blending and packaging services for a wide range of industries. Greif also manages timber properties in North America. The company is strategically positioned in more than 40 countries to serve global as well as regional customers. Additional information is on the company's Web site at www.greif.com.

Source: Greif, Inc.