Jun 04, 2009. /Lesprom Network/. Greif, Inc., a global leader in industrial packaging products and services, announced results for its second fiscal quarter, which ended April 30, 2009. Net sales decreased 29 percent (20 percent excluding the impact of foreign currency translation) to $647.9 million in the second quarter of 2009 from $918.0 million in the second quarter of 2008. Net income before special items, as defined below, was $30.6 million ($0.53 per diluted Class A share) in the second quarter of 2009 compared to $54.3 million ($0.92 per diluted Class A share) in the second quarter of 2008. GAAP net income was $12.1 million ($0.21 per diluted Class A share) and $48.7 million ($0.82 per diluted Class A share) in the second quarter of 2009 and 2008, respectively. Michael J. Gasser, chairman and chief executive officer, said, "The sharp global economic downturn that began last fall impacted our results for the second quarter of 2009. We continue to respond by aggressively implementing plans through the Greif Business System and specific contingency actions to offset a significant portion of the impact resulting from these weak market conditions. We anticipate that at least $100 million in annual savings will be realized from these actions in fiscal 2009. We are encouraged that there were increased signs of improvement in our markets as we exited the quarter." Mr. Gasser continued, "Consistent with our growth strategy, we are also pursuing opportunities to further strengthen our business through acquisitions, which included two small tuck-in industrial packaging acquisitions in the second quarter of 2009. We anticipate there will be additional opportunities to execute our disciplined growth strategy."