April 11 Loews Corp, a hotel, energy and
financial services conglomerate, said it would buy plastic
packaging manufacturer Consolidated Container Co from Bain
Capital Private Equity for about $1.2 billion.
Consolidated Container, which provides packaging solutions
for beverages, food and household chemicals, will become a part
of a newly created segment called Loews Packaging Group, adding
a new industry to Loews' already diverse portfolio.
"We have been analyzing the packaging industry for some time
because it fits our key acquisition criteria," Loews Chief
Executive James Tisch said in a statement.
"It is a fragmented industry that generates strong cash
flows and we believe it is unlikely to be subject to major
The deal is expected to be funded with about 50 percent cash
on hand and 50 percent debt, Loews said.
Atlanta-based Consolidated Container's customers include
Colgate-Palmolive, Procter & Gamble and Dean Foods among others.
Bain Capital Private Equity in March bought Diversey Care,
the cleaning and chemicals systems division of Sealed Air Corp
, for about $3.2 billion.
(Reporting by Nikhil Subba in Bengaluru; Editing by Savio
D'Souza and Saumyadeb Chakrabarty)