Loews Corp. (NYSE: L) is buying Consolidated Container Co. (CCC), a manufacturer of plastic packaging materials, for approximately $1.2 billion from Bain Capital Private Equity. As a result of the acquisition, Loews will form a new division called Loews Packaging Group.

CCC is a maker of rigid plastic packaging products in North America, and also operates a recycled resin business called Envision Plastics. The target specializes in mid- and short-run packaging services for a variety of industry verticals including: household chemicals, food and nutritional pharmaceuticals, industrial chemicals, and beverage and juice. The target’s customers include Turkey Hill, Kemps, Tree Ripe and Ortho. CCC has 57 rigid plastic packaging manufacturing facilities and two recycled resins manufacturing posts.

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