©Altium Packaging
Singapore’s sovereign wealth fund, GIC, has agreed to buy a 47% stake in Altium Packaging from Loews Corporation in a deal that values the company at $2 billion.
Altium Packaging is a rigid plastic packaging and recycled resin company headquartered in Atlanta, Georgia, in the US.
The company supplies its packaging solutions to a diverse customer base spanning the dairy, food and beverage segments, as well as the pharmaceutical and chemical industries.
Altium also operates a post-consumer resin recycling business, Envision Plastics, which is said to be a top supplier of recycled high-density polyethylene in North America.
“We are pleased to welcome GIC as a shareholder of Altium Packaging. GIC is a well-established, long-term investor with a track record of success,” said Sean Fallmann, president and CEO of Altium Packaging.
“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.”
With around 4,000 employees, Altium operates 64 packaging manufacturing facilities in the US and Canada, as well as two recycled resin manufacturing facilities.
The transaction is expected to close in the next 30 days.
© FoodBev Media Ltd 2024