Altium offers sustainable plastic packaging solutions for a diverse network of market segments
GIC has agreed to acquire 47% stake in Altium Packaging. (Credit: Pete Linforth from Pixabay)
GIC, Singapore’s sovereign wealth fund, has agreed to purchase a 47% stake in rigid plastic packaging and recycled resin firm Altium Packaging from Loews.
The transaction is said to value Altium Packaging at up to $2bn.
Altium Packaging, which offers sustainable plastic packaging solutions, serves a diverse network of market segments.
Altium has expertise in producing mid and short-run packaging solutions for customers in the pharmaceutical, dairy, household chemicals, food/nutraceuticals, industrial/speciality chemicals, water, and beverage/juice segments.
The company also manages a post-consumer resin recycling business called Envision Plastics.
SFB Plastics, which is based in Wichita of Kansas, is a material handling and packaging manufacturer with expertise in HDPE blow moulding of industrial containers.
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.
With around 4,000 employees, Altium has 64 packaging manufacturing facilities in the US and Canada, as well as two recycled resin manufacturing facilities.
Altium Packaging president and CEO Sean Fallmann said: “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.
“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.”
Subject to customary closing conditions, the deal is expected to be completed in the next 30 days.