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Loews Corp, the company which runs businesses in the insurance, energy and hospitality industries, agreed on Tuesday to acquire a plastic packaging manufacturer from US private equity group Bain Capital for about $1.2bn.

Loews is buying Consolidated Container, which provides packaging solutions for beverage, food and household chemicals, as it fits the company’s key acquisition criteria in that “‘it is a fragmented industry that generates strong cash flows and we believe it is unlikely to be subject to major technological disruption,” James Tisch, chief executive of Loews, said.

Bain bought Consolidated Container from private equity shop Vestar Capital Partners in 2012 in a deal that valued the company at about $800m.

The deal is subject to regulator approval and is expected to close in the second quarter. Upon completion, Consolidated Container will be part of a newly-created segment called Loews Packaging Group.

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