Feb 28, 2008. /Lesprom.com/. Greif announced results for its first fiscal quarter, which ended Jan. 31, 2008. Net sales increased 13% (7 % excluding the impact of foreign currency translation) to $846.3 million in the 1Q 2008 compared to $750.8 million in the 1Q 2007. Michael J. Gasser, chairman and CEO, said, "The 1Q results demonstrate the benefits of geographic diversity, positive contributions from the Greif Business System and ongoing initiatives to unlock value within our businesses. We achieved solid organic sales growth, especially in Europe and the emerging markets for Industrial Packaging, and benefited from higher containerboard selling prices in Paper Packaging. The Greif Business System continues to improve our performance and helps mitigate the impact of higher costs. "During the first quarter, we continued to execute our "GBS + Growth" strategy and actively manage our business portfolio. Consistent with this strategy, we have added seven plants since the end of fiscal 2007, including five in emerging markets. Additionally, five plants in Australia and Zimbabwe that were underperforming and no longer fit our business strategy were divested." Greif, a global leader in industrial packaging with blending, filling and packaging services, an integrated containerboard and corrugated packaging business, and timber operations in North America.