EXHIBIT 99.1

Greif Reports First Quarter 2012 Results

DELAWARE, Ohio (Feb. 29, 2012) – Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced results for its first quarter, which ended Jan. 31, 2012. The company reported first quarter net sales of $992.7 million, operating profit of $58.3 million, net income attributable to Greif, Inc. of $23.9 million or $0.41 per diluted Class A share, operating profit before special items of $69.4 million, net income attributable to Greif, Inc. before special items of $31.8 million, or $0.55 per Class A share before special items and EBITDA of $97.2 million.

David B. Fischer, president and chief executive officer, said, “Continued weakness in the industrial sector and market pressure, especially in Europe, were challenging issues through the first quarter 2012 for the Rigid Industrial Packaging & Services and Flexible Products & Services segments. There are initial signs of improvement in recent sales volumes. Contingency actions that we implemented beginning in the second half of 2011 are helping to mitigate the impact of these market conditions. We remain focused on integrating acquisitions and implementing plans to increase cash flow during 2012.”

Consolidated Results

First Quarter 2012

Net sales were $992.7 million for the first quarter 2012 compared with $943.8 million for the same period in 2011. The 5 percent increase was due to higher sales volumes (3 percent), increased selling prices (4 percent) primarily resulting from the pass-through of higher raw material costs and the negative impact of foreign currency translation (2 percent). The 3 percent increase in sales volumes included a 7 percent increase from acquisitions partially offset by a 4 percent decrease in sales volumes on a same-structure basis. This decrease was due to weak market conditions in the Rigid Industrial Packaging & Services and Flexible Products & Services segments, especially in Europe, compared with a year ago. Sales volumes in the Paper Packaging segment increased by 9 percent during first quarter 2012 compared with the same period last year.

Gross profit increased to $178.7 million for the first quarter 2012 compared with $176.1 million for the same period in 2011. Gross profit margin was 18.0 percent for the first quarter 2012 versus 18.7 percent a year ago. The decline in gross profit margin was primarily due to lower volumes and market pressure in the Rigid Industrial Packaging & Services segment, partially offset by higher volumes and lower input costs in the Paper Packaging segment compared with a year ago.

SG&A expenses were $112.6 million for the first quarter 2012 compared with $106.5 million for the first quarter 2011. The $6.1 million increase was primarily due to the inclusion of SG&A expenses for acquired companies and higher professional fees, which were partially offset by a favorable impact of foreign currency translation, and lower acquisition-related costs. Acquisition-related costs of $2.2 million and $8.5 million were included in SG&A expenses for the first quarters of 2012 and 2011, respectively. SG&A expenses were 11.3 percent of net sales for the first quarters of 2012 and 2011. First quarter 2012 restructuring charges were primarily related to the consolidation of operations in the Flexible Products & Services segment due to the ongoing implementation of the Greif Business System and rationalization of operations in Rigid Industrial Packaging & Services Europe.

Operating profit was $58.3 million for the first quarter 2012 compared with $68.7 million for the same period last year due to lower results in Rigid Industrial Packaging & Services Europe and Asia-Pacific, partially offset by improved results in North America both in Rigid Industrial Packaging & Services and Paper Packaging.

Interest expense, net, was $23.7 million for the first quarter 2012 compared with $16.8 million for the first quarter 2011. The increase was primarily due to the higher level of debt outstanding attributable to acquisitions completed during the past year and related working capital requirements.

Income tax expense was $10.2 million for the first quarter 2012 compared with $13.2 million for the same period last year due to a decline in income before income tax expense and equity earnings of unconsolidated affiliates, net of tax, compared with the first quarter 2011. The annual book tax rate was 29.2 percent for the first quarter 2012 compared with 24.6 percent a year ago due to a shift in global earnings mix. The cash tax rate for fiscal 2012 is expected to be approximately 20 percent, which is consistent with the prior year’s rate.

Net income attributable to Greif, Inc. was $23.9 million, or $0.41 per diluted Class A share and $0.61 per diluted Class B share, for the first quarter 2012 compared with net income of $41.4 million, or $0.71 per diluted Class A share and $1.06 per diluted Class B share, for the first quarter 2011.

EBITDA was $97.2 million and $103.7 million for the first quarters 2012 and 2011, respectively. This decrease was primarily due to the same factors that impacted operating profit. Depreciation, depletion and amortization expense was $38.7 million for the first quarter 2012 compared with $33.1 million for the same period last year.

Segment Results

Rigid Industrial Packaging & Services

Net sales increased 8 percent to $703.3 million for the first quarter 2012 compared with $653.9 million for the first quarter 2011. On a same-structure basis, sales volumes declined 6 percent due to market pressure, especially in Europe. Sales volumes benefited from an 11 percent increase due to acquisitions. Average selling prices increased 4 percent for the first quarter 2012 primarily due to the pass-through of higher raw material costs. There was also a negative 2 percent impact of foreign currency translation.

Gross profit was $120.6 million and $121.2 million for the first quarters 2012 and 2011, respectively. Gross profit margin declined to 17.2 percent for the first quarter 2012 from 18.5 percent for the first quarter 2011. The decrease in gross profit margin compared with last year was due to lower volumes and increased market pressure.

Operating profit was $32.8 million for the first quarter 2012 compared with $46.1 million for the same period last year. Solid results in North America were primarily offset by weak results in Europe and Asia. There were $7.3 million of restructuring charges for first quarter 2012, primarily related to contingency actions implemented during the quarter, compared with $2.2 million for the same period last year, and $1.7 million and $1.5 million of acquisition-related costs for the first quarters 2012 and 2011, respectively.

EBITDA was $58.3 million and $67.0 million for the first quarters 2012 and 2011, respectively, due to the same factors that impacted the segment’s operating profit. Depreciation, depletion and amortization expense was $25.9 million for the first quarter 2012 compared with $20.4 million for the same period last year.

Flexible Products & Services

Net sales were $114.8 million for the first quarter 2012 compared with $128.0 million for the first quarter 2011. The $13.2 million decline was attributable to lower sales volumes due to weak market conditions in Europe, which represents a majority of this segment’s sales.

Gross profit was $23.7 million for the first quarter 2012 versus $24.5 million a year ago. Gross profit margin increased to 20.6 percent for the first quarter 2012 from 19.1 percent for the first quarter 2011. The improvement in gross profit margin was attributable to sales mix and positive contributions from the implementation of the Greif Business System.

Operating profit was $2.3 million for the first quarter 2012 compared with $1.4 million for the first quarter 2011. The negative impact of lower volumes and higher restructuring charges was more than offset by lower acquisition-related costs. EBITDA was $6.5 million for the first quarter 2012 and $6.9 million for first quarter 2011. Depreciation, depletion and amortization expense was $3.9 million and $4.2 million for first quarters of 2012 and 2011, respectively.

Paper Packaging

Net sales increased 7 percent to $168.1 million for the first quarter 2012 compared with $156.8 million for the first quarter 2011 primarily driven by higher volumes.

Gross profit was $31.2 million for the first quarter 2012 compared with $28.3 million for the same period last year due to higher volumes coupled with lower old corrugated container costs (OCC) compared with first quarter 2011. Gross profit margin improved to 18.6 percent for the first quarter 2012 from 18.1 percent for the first quarter 2011

Operating profit was $20.2 million for the first quarter 2012 versus $18.1 million for the first quarter 2011. Higher volumes and lower OCC costs contributed to this increase compared with a year ago. EBITDA was $28.4 million for the first quarter 2012 compared with $25.9 million for the first quarter 2011 due to the same factors noted above. Depreciation, depletion and amortization expense was $7.9 million and $7.7 million for first quarters of 2012 and 2011, respectively.

Land Management

Net sales were $6.5 million for the first quarter 2012 compared with $5.1 million for the first quarter 2011. Recreation, mineral and consulting revenues represented 24 percent of net sales for the first quarter 2012.

Operating profit was $3.0 million and $3.1 million for the first quarters 2012 and 2011, respectively. Special use property disposals were $0.4 million versus $1.6 million for the same period last year.

EBITDA was $4.0 million and $3.9 million for the first quarters of 2012 and 2011, respectively. Depreciation, depletion and amortization expense was $1.0 million and $0.8 million for first quarters of 2012 and 2011, respectively.

Other Financial Information

Working capital was $475.1 million at Jan. 31, 2012, compared with $375.5 million at Oct. 31, 2011.

Cash flows provided by operating activities were $7.2 million for the first quarter 2012 compared with cash flows used by operating activities of $68.2 million for the same period last year.

There were no acquisitions in the first quarter 2012. The company made a $14.3 million deferred cash payment related to an acquisition completed in 2010.

Capital expenditures were $40.7 million, excluding timberland purchases of $2.6 million, for the first quarter 2012 compared with capital expenditures of $40.5 million, excluding timberland purchases of $0.4 million, for the first quarter 2011. The 2012 capital expenditures include carryover projects related to the company’s growth platforms, including ongoing construction of the fabric hub in Saudi Arabia.

Long-term debt was $1,388.0 million at Jan. 31, 2012 and $1,345.1 million at Oct. 31, 2011. This increase was primarily due to capital investments and higher working capital requirements.

On Feb. 27, 2012, the Board of Directors declared quarterly cash dividends of $0.42 per share of Class A Common Stock and $0.63 per share of Class B Common Stock. These dividends are payable on Apr. 1, 2012, to stockholders of record at close of business on Mar. 20, 2012.

Company Outlook

The company anticipates overall modest sequential quarter improvement despite continuation of challenging market conditions, especially in Europe, for its Rigid Industrial Packaging & Services and Flexible Products & Services businesses. These market conditions are expected to improve during the second half of fiscal 2012. The company reaffirms that EBITDA is anticipated to be between $500 million and $550 million for 2012.

Conference Call

The company will host a conference call to discuss the first quarter 2012 results on Mar. 1, 2012, at 10 a.m. Eastern Time (ET). To participate, domestic callers should call 877-485-3107 and ask for the Greif conference call. The number for international callers is +1 201-689-8427. Phone lines will open at 9:50 a.m. ET. The conference call will also be available through a live webcast, including slides, which can be accessed at www.greif.com in the Investor Center. A replay of the conference call will be available on the company’s website approximately one hour following the call.

About Greif

Greif is a world leader in industrial packaging products and services. The company produces steel, plastic, fibre, remanufactured and reconditioned rigid industrial containers as well as flexible containers, corrugated and multiwall containers and containerboard, and provides services such as blending, filling, packaging and recycling of industrial containers for a wide range of industries. Greif also manages timber properties in North America. The company is strategically positioned in more than 55 countries to serve global as well as regional customers. Additional information is on the company’s website at www.greif.com.

Forward-Looking Statements

All statements, other than statements of historical facts, included in this news release, including without limitation statements regarding the company’s future financial position, business strategy, budgets, projected costs, goals and plans and objectives of management for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “believe,” “continue,” “on

track” or “target” or the negative thereof or variations thereon or similar terminology. All forward-looking statements made in this news release are based on information currently available to the company’s management. Although the company believes that the expectations reflected in forward-looking statements have a reasonable basis, the company can give no assurance that these expectations will prove to be correct. Forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. Such risks and uncertainties that might cause a difference include, but are not limited to, the following: (i) the current and future challenging global economy may adversely affect our business; (ii) historically, the company’s business has been sensitive to changes in general economic or business conditions; (iii) our operations are subject to currency exchange and political risks that could adversely affect our results of operations; (iv) the continuing consolidation of the company’s customer base and suppliers may intensify pricing pressure; (v) the company operates in highly competitive industries; (vi) the company’s business is sensitive to changes in industry demands; (vii) raw material and energy price fluctuations and shortages may adversely impact the company’s manufacturing operations and costs; (viii) the company may encounter difficulties arising from acquisitions; (ix) the company may incur additional restructuring costs and there is no guarantee that its efforts to reduce costs will be successful; (x) tax legislation initiatives or challenges to the company’s tax positions may adversely impact its financial results or condition; (xi) several operations are conducted by joint ventures that the company cannot operate solely for its benefit; (xii) the company’s ability to attract, develop and retain talented employees, managers and executives is critical to its success; (xiii) the company’s business may be adversely impacted by work stoppages and other labor relations matters; (xiv) the company may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage; (xv) the company’s business depends on the uninterrupted operations of its facilities, systems and business functions, including its information technology and other business systems; (xvi) legislation/regulation related to climate change and environmental and health and safety matters and product liability claims could negatively impact the company’s operations and financial performance; (xvii) changing climate conditions may adversely affect the company’s operations and financial performance; (xviii) the company may incur fines or penalties, damage to reputation or other adverse consequences if its employees, agents or business partners violate, or are alleged to have violated, anti-bribery, competition or other laws; and (xix) the frequency and volume of the company’s timber and timberland sales will impact its financial performance. Changes in business results may impact the company’s book tax rates. The risks described above are not all inclusive, and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. For a detailed discussion of the most significant risks and uncertainties that could cause the company’s actual results to differ materially from those projected, see “Risk Factors” in Part I, Item 1A of the company’s Form 10-K for the year ended Oct. 31, 2011 and the company’s other filings with the Securities and Exchange Commission. All forward-looking statements made in this news release are expressly qualified in their entirety by reference to such risk factors. Except to the limited extent required by applicable law, the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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