Loews to buy Atlanta-based Consolidated Container Company for $1.2bn

Loews Corporation has agreed to buy Atlanta-based rigid plastic packaging manufacturer Consolidated Container Company from Bain Capital Private Equity for around $1.2bn.

CCC has a network of manufacturing locations across North America and provides packaging solutions to stable end markets such as beverage, food, and household chemicals.

James Tisch, president and chief executive officer of Loews, said: "We have been analysing 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.

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

Sean R. Fallmann, chief executive and president of CCC, said: "I am extremely excited for CCC to become part of Loews. I have every confidence that Loews will be an excellent partner for CCC as we continue to invest in differentiated capabilities to best serve our customers. It remains our mission to be the packaging solutions provider of choice in North America."

The deal, which is expected to close in the second quarter of this year, will be funded with approximately 50% cash-on-hand and 50% debt at CCC.