Loews Corporation & CCC to become Loews Packaging Group

12-Apr-2017 - Last updated on 13-Apr-2017 at 09:19 GMT

CCC makes rigid plastic packaging for the water, beverage & juice sector. Picture: CCC.

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Loews Corporation has agreed to acquire Consolidated Container Company (CCC) for $1.2bn creating Loews Packaging Group.

The deal with CCC, which makes rigid plastic packaging based in Atlanta, Georgia, for the water, beverage and juice sector, among others, is expected to close in Q2 2017.

James Tisch, president/CEO, Loews, said it had been analyzing the packaging industry for some time and CCC fits its acquisition criteria.

“It (packaging) is a fragmented industry that generates strong cash flows and we believe it is unlikely to be subject to major technological disruption," he said.

"CCC is an outstanding company with a highly professional management team that can serve as a platform for growth, both organically and through acquisitions."

CCC provides packaging to end markets such as beverage, food, and household chemicals and has 57 rigid plastic packaging plants, two recycled resins manufacturing facilities, and 2,300 employees across North America.

"I have every confidence Loews will be an excellent partner for CCC as we continue to invest in differentiated capabilities to best serve our customers," said Sean Fallmann, president/CEO, CCC.

Loews Corporation acquires CCC from Bain Capital Private Equity.