Loews gets into the packaging business with $1.2B acquisition

|About: Loews Corporation (L)|By:, SA News Editor

Loews (NYSE:L) agrees to the purchase of Consolidated Container Company from Bain Capital Private Equity for about $1.2B. CCC will be part of a newly-created segment called Loews Packaging Group.

CEO James Tisch says the packaging industry has been on his company's radar for some time as it fits key acquisition criteria, among them a fragmented industry with strong cash flows that is unlikely to be disrupted by technology.

The deal is expected to close in Q2, and will be funded 50% with cash on hand and 50% via debt at CCC.

Acquisition fact sheet