Loews selling 47 per cent stake in blow molder Altium to Singapore’s GIC
Altium has 64 packaging plants in Canada and the U.S.
New York City-based conglomerate Loews Corp. is selling its 47 per cent stake in blow molder and resin recycler Altium Packaging LP to GIC, Singapore’s sovereign wealth fund, in a deal that values Altium at US$2 billion.
Headquartered in Atlanta, Ga., Altium specializes in customized mid- and short-run packaging solutions, serving a diverse customer base in the pharmaceutical, dairy, household chemicals, food/nutraceuticals, industrial/specialty chemicals, water, and beverage/juice segments. In addition, Altium’s Envision Plastics recycled resin business supplies recycled high-density polyethylene in North America. Altium company operates 64 packaging manufacturing facilities in the U.S. and Canada, two recycled resin manufacturing facilities, and has about 4,000 employees.
“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,” Altium president and CEO Sean Fallmann said in a statement.
The transaction is expected to close in the next 30 days.