Loews has completed the acquisition of US rigid plastic packaging manufacturer Consolidated Container Company (CCC) from Bain Capital Private Equity for about $1.2bn.
Based in Atlanta of Georgia, CCC provides packaging solutions to the consumer end markets, including beverage, food and household chemicals.
The company develops customized mid and short-run packaging solutions for the customers in the household chemicals, food/nutraceuticals, industrial/specialty chemicals, water, and beverage/juice markets.
With around 2,200 employees, CCC operates 57 rigid plastic packaging manufacturing facilities, two recycled resins manufacturing facilities.
The company also owns a recycled and custom compounded post-consumer resin business, Envision Plastics.
At the time of acquisition, Loews president and CEO James Tisch said: "We have been analyzing the packaging industry for some time because it fits our key acquisition criteria: It is a fragmented industry that generates strong cash flows and we believe it is unlikely to be subject to major technological disruption.”
In June 2014, CCC acquired plastic recycling companies Envision Plastics and Ecoplast from their founders Massoud Rad and Parham Yedidsion.
Envision Plastics manufactures post-consumer recycled polyolefin resins (HDPE), while Ecoplast supplies recycled and custom compounded resins for the plastics molders, suppliers and companies in the US.
In July 2012, Bain Capital acquired CCC, which was earlier owned by Vestar Capital Partners.
Loews has three publicly-traded subsidiaries such as CNA Financial, Diamond Offshore Drilling and Boardwalk Pipeline Partners. It also now owns two non-public subsidiaries such as Loews Hotels & Co and Consolidated Container Company.
Image: Loews has acquired plastic packaging manufacturer Consolidated Container Company. Photo: courtesy of stockimages / FreeDigitalPhotos.net.