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Loews Corp to sell 47% stake in packaging subsidiary to Singapore's GIC


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. ....

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Loews Corp. To Sell 47% Of Altium Packaging


Loews Corp. To Sell 47% Of Altium Packaging
WASHINGTON (dpa-AFX) - Loews Corp. (L) has agreed to sell 47% of Altium Packaging, a rigid plastic packaging and recycled resin company, to GIC, Singapore s sovereign wealth fund.
We are pleased to welcome GIC as a shareholder of Altium Packaging. 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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