Loews Corporation
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| Loews Corporation | |
|---|---|
| Type | Public (NYSE: LTR) |
| Founded | |
| Headquarters | New York, NY |
| Products | insurance, cigarettes, hotels, watches, oil drilling, pipeline transport |
| Revenue | ▲ $16.02 billion USD |
| Operating income | ▲ $1.85 billion USD |
| Net income | ▲ $1.21 billion USD |
| Subsidiaries | CNA Financial Corporation Lorillard, Inc. |
| Website | www.loews.com |
Loews Corporation is a holding company run by the Tisch Family whose subsidiaries are engaged in the following lines of business:
- property and casualty insurance (CNA Financial Corporation, a 90%-owned subsidiary)
- the production and sale of cigarettes (Lorillard, Inc., owned by Carolina Group, a 67%-owned subsidiary)
- the operation of hotels (Loews Hotels, a wholly owned subsidiary)
- the operation of offshore oil and gas drilling rigs (Diamond Offshore Drilling, Inc., a 54%-owned subsidiary)
- the operation of an interstate natural gas transmission pipeline system (Texas Gas Transmission, LLC, a wholly owned subsidiary) and
- the distribution and sale of watches and clocks (Bulova Corporation, a 97%-owned subsidiary). Bulova watches was later sold to Citizen for $250 million.
On May 10, 2006 Loews Corporation announced that it would offer 15 million shares of Carolina Group via a public offering, with the proceeds to be used for general corporate purposes. [1] The sale's estimated value is $740 million.
On June 4, 2007 Loews Corporation announced it would acquire a portion of Dominion Resource's operations for 4.03 billion dollars. [2]
On December 17, 2007, Loews Corporation announced a plan to spin off its entire ownership interest in its subsidiary, Lorillard, Inc., to holders of Carolina Group stock and Loews common stock. [3]
Outside of Loews, The estate of chairman Bob Tisch co-owns the New York Giants football team. Loews has in the past had extensive involvement with the CBS network.
[edit] Management
- Co-Chairman of the Board, Chairman of the Exec. Committee, and Member of the Office of the President: Andrew Tisch
- Co-Chairman of the Board and Member of the Office of the President: Jonathan Tisch
- President, Chief Exec. Officer, and Member of the Office of the President: James S. Tisch
- Chief Financial Officer and Sr. VP: Peter W. Keegan
- Sr. VP: David B. Edelson
- Chief Investment Officer: Lisa W. Hess
[edit] References
- ^ Loews Corporation to Sell 15,000,000 Shares of Carolina Group Stock
- ^ Dominion's Sale Makes Waves - Forbes.com
- ^ lc_body.htm
