L - Lowes to sell 47% stake i Altium Packaging to Singapore's GIC

Loews Corp. (L) agrees to sell 47% of Altium Packaging, a maker of rigid plastic packaging and recycled resin, to GIC, Singapore's wealth fund.Having Loews and GIC "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 Sean Fallmann, president and CEO of Altium Packaging.Terms of the deal, which is expected to close in the next 30 days, weren't disclosed.Altium's operating revenue was $1.02B in 2020, up from $932M in 2019. Altium accounted for 8.1% of Loews' total 2020 revenue.

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Lowes to sell 47% stake i Altium Packaging to Singapore's GIC