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By Reuters Staff 1 Min Read (Reuters) - Loews Corp said on Friday it would sell 47% stake in subsidiary Altium Packaging to Singapore’s sovereign wealth fund GIC in a deal valuing the packaging solutions provider at $2 billion. Loews, which owns companies in the insurance, energy, hospitality and packaging industries, expects to receive about $410 million in cash as part of the deal, resulting in about pre-tax gain of $490 million. Atlanta, Georgia-based Altium Packaging serves a diverse network of market segments, and its recycled resin business is a top supplier of recycled high-density polyethylene in North America. Having Loews and GIC as partners will help pursue growth strategy and seek accretive acquisitions that add further scale and end-market diversification, according to Sean Fallmann, Altium’s chief executive officer. ....
Loews Corporation Adds GIC as Partner in its Packaging Subsidiary GIC to acquire 47% stake in Altium Packaging valuing the company at US$2 billion News provided by Share this article Share this article NEW YORK, March 12, 2021 /PRNewswire/ Loews Corporation (NYSE: L) announced today that it has entered into a definitive agreement to sell 47% of Altium Packaging, a leading rigid plastic packaging and recycled resin company, to GIC, Singapore s sovereign wealth fund. The transaction is expected to close in the next 30 days. We are pleased to welcome GIC as a shareholder of Altium Packaging. GIC is a well-established, long-term investor with a track record of success. Having Loews and GIC – two world-class institutions – as our partners will be invaluable as we continue to pursue our growth strategy and seek accretive acquisitions that add further scale and end-market diversification, said Sean Fallmann, President & CEO of Altium Packaging. ....
Singapore wealth fund buys 47% of blow molder Altium Altium Altium has shipped more than 1 billion of its Dura-Lite bottles throughout the U.S. and Canada for its customers. Loews Corp. said March 12 it is selling 47 percent of blow molder and recycler Altium Packaging LP to GIC, Singapore s sovereign wealth fund. Atlanta-based Altium, which ranked fourth on Plastics News listing of North American blow molders with $1.525 billion in related sales, said having GIC as an investor along with Loews will help its growth strategy. Having Loews and GIC, two world-class institutions, as our partners will be invaluable as we continue to pursue our growth strategy and seek accretive acquisitions that add further scale and end-market diversification, President and CEO Sean Fallmann said. ....