NEW YORK, May 22, 2017 /PRNewswire/ -- Loews Corporation
(NYSE: L) today announced that it has completed its
acquisition of Consolidated Container Company (CCC), a leading
rigid plastic packaging manufacturer based in Atlanta, GA.
CCC provides packaging solutions to stable consumer end markets
such as beverage, food and household chemicals. With a
network of manufacturing locations across the United States, CCC reliably provides
quality products to its customers. The $1.2 billion acquisition, subject to customary
purchase price adjustments, was funded with approximately 50
percent cash-on-hand and 50 percent debt at CCC.
About Loews Corporation
Loews Corporation is a diversified company with three
publicly-traded subsidiaries – CNA Financial Corporation (NYSE:
CNA), Diamond Offshore Drilling, Inc. (NYSE: DO) and Boardwalk
Pipeline Partners, LP (NYSE: BWP) – and two non-public subsidiaries
– Loews Hotels & Co and Consolidated Container Company. For
more information, please visit www.loews.com.
About Consolidated Container Company
CCC is a leading developer and manufacturer of rigid plastic
packaging solutions in North
America. CCC specializes in customized mid- and short-run
packaging solutions, serving a diverse customer base in the
household chemicals, food/nutraceuticals, industrial/specialty
chemicals, water, and beverage/juice markets. CCC also operates a
leading recycled and custom compounded post-consumer resin
business, Envision Plastics. With 57 rigid plastic packaging
manufacturing facilities, two recycled resins manufacturing
facilities, and 2,200 employees, CCC has an integrated, nationwide
network that consistently delivers reliable and cost-effective
packaging and recycled resin solutions to meet the needs of a wide
range of customers and markets. From its state-of-the-art Studio
PKG, to the recycling technologies of Envision Plastics, to its
experienced manufacturing teams across its network, CCC delivers
high-performance, cost-effective solutions to meet even the most
challenging applications.
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SOURCE Loews Corporation