Loews Corporation Adds GIC as Partner in its Packaging Subsi

Loews Corporation Adds GIC as Partner in its Packaging Subsidiary


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
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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.

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