2021 - 2022 Exhibitions
Singapore’s GIC buys stake in US packaging firm Altium
US-based conglomerate Loews Corp. is selling its 47% stake in rigid plastic packaging and resin recycler Altium Packaging to Singapore’s sovereign wealth fund GIC in a deal valued at US$2 billion.
Headquartered in Atlanta, Altium specialises in customised 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 HDPE in North America. The packaging firm offers Dura-Lite bottles, which are suitable for the food, household chemical and industrial end-markets. The bottles are designed to use 10-25% less plastic than comparable traditional designs, said the company.
Altium has 64 packaging manufacturing facilities in the US and Canada, two recycled resin manufacturing facilities, and employs 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,” said Altium President/CEO Sean Fallmann.
Subject to customary closing conditions, the deal is expected to be completed in the next 30 days.
(PRA)
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