Loews Corporation history, profile and corporate video
Loews Corporation is an American diversified company headquartered in New York City, U.S. It traces its roots back to 1946 when Laurence Tisch persuaded his parents to buy a resort hotel in Lakewood, New Jersey, for $125,000.
Laurence’s brother Robert Tisch joined the business, and the two brothers began to invest their profits in expanding the hotel business. By 1956, they built their first hotel, the Americana in Bal Harbour, Florida, for $17 million in cash.
In 1959, the brothers purchased a controlling interest in Loew’s Theatres from Metro-Goldwyn-Mayer Studios Inc. (MGM), which is of the world’s oldest film studios. This acquisition consists of a nationwide chain of 102 movie theaters and laid the foundations of the modern-day Loews Corporation.
Loews diversified its business and acquired Lorillard Tobacco Company in 1968, CNA Financial in 1974, and the Bulova Watch Company in 1979.
In 1989, the company further diversified into the energy business and acquired Diamond M Drilling.
In 2003, Loews acquired Texas Gas Transmission, then purchased Gulf South Pipeline Company a year later. These two companies were consolidated into a new entity, Boardwalk Pipeline Partners, in 2005.
The company operates through its consolidated subsidiaries: CNA Financial, Boardwalk Pipelines, Loews Hotels, and Altium Packaging.
CNA is one of the largest U.S. commercial property and casualty insurance companies.
Boardwalk Pipelines primarily transports and stores natural gas and natural gas liquids.
Loews Hotels & Co owns and/or operates 27 hotels and resorts across the U.S. and Canada.
Altium Packaging is a leading customer-centric packaging solutions provider and manufacturer in North America.
With more than 18 000 employees, Loews Corp. is considered one of the top 2000 largest public companies in the world, according to Forbes.
*Information from Forbes.com, Wikipedia.org, and ”loews.com”.
**Video published on YouTube by “Loews Hotels & Co“.