Loews Corporation facts for kids
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| Public | |
| Traded as | |
| Headquarters | New York City, United States |
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Key people
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| Products | insurance, hotels, oil drilling, pipeline transport |
| Revenue |  US$15.9 billion (2023) |
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Operating income
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US$1.99 billion (2023) |
| US$1.43 billion (2023) |
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| Total assets | US$79.2 billion (2023) |
| Total equity | US$15.7 billion (2023) |
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Number of employees
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12,280 (2023) |
| Subsidiaries |
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Loews Corporation is a big American company based in New York City. It's what we call a conglomerate. This means it owns many different types of businesses.
Loews Corporation owns major parts of companies like CNA Financial Corporation, which deals with insurance. It also owns Boardwalk Pipeline Partners, which handles oil and gas pipelines. Plus, it owns Loews Hotels, a chain of hotels. Another company it owns is Altium Packaging.
The company likes to invest for the long term. They look for good value in businesses.
Contents
Loews Corporation: A Look at Its History
The story of Loews Corporation began in 1946. A person named Laurence Tisch convinced his parents to invest money to buy a hotel. This hotel was a resort in Lakewood, New Jersey.
Soon after, Laurence's brother, Robert, joined the business. The Tisch brothers used their profits to buy more hotels. By 1956, they built their first new hotel. It was called the Americana in Bal Harbour, Florida. This hotel cost $17 million to build.
From Movie Theaters to a Big Business
In 1948, a very important court decision happened. The Supreme Court ordered big movie studios to sell their movie theaters. This was to make sure no one company had too much control.
In 1959, the Tisch brothers bought a large part of Loew's Theatres. This was a huge chain of 102 movie theaters across the country. This purchase was a big step. It helped create the Loews Corporation we know today. The company was then listed on the New York Stock Exchange.
By 1960, the brothers were fully in charge of the company. They became co-chairmen. Many of the old movie theaters were not modern. They were not ready for the new idea of a multiplex, which has many screens in one building.
However, these theaters were on very valuable land in cities. The Tisch brothers started closing and tearing down many of them. They sold the empty land to builders. This helped end the era of grand, old movie "palaces."
Growing into New Industries
The Tisch brothers soon started to invest in many different types of businesses. This happened throughout the 1960s and 1970s.
- In 1968, Loews bought Lorillard Tobacco Company.
- In 1974, they acquired CNA Financial, an insurance company.
- In 1979, they bought the Bulova Watch Company.
Because of these new businesses, Loews's earnings grew a lot. They went from $100 million in 1970 to over $3 billion just ten years later.
In 1985, Loews sold its movie theater business. The theaters kept the "Loew's" name. For a while in the 1980s, Laurence Tisch, through Loews, owned a big part of the TV network CBS. He even approved the deal that brought TV host David Letterman to CBS. Loews sold its part of CBS in 1995.
Venturing into Energy
In the last 20 years, Loews has also moved into the energy business.
- In 1989, they bought Diamond M Drilling.
- In 1992, this company bought ODECO, adding 39 oil rigs.
- A year later, these businesses became Diamond Offshore. This company helps drill for oil around the world.
In 2003, Loews bought Texas Gas Transmission. A year later, they bought Gulf South Pipeline Company. These two companies joined to form Boardwalk Pipeline Partners. This company helps move and store natural gas and other liquids for customers.
Loews Corporation owned Bulova until 2007. Then, they sold the watch company to Citizen Watch.
Who Runs Loews Corporation
The founders, Laurence and Robert Tisch, were co-CEOs until 1998. Then, a new generation of leaders took over. James Tisch became the president and CEO.
An "Office of the President" was created with three members: James Tisch, Andrew Tisch, and Jonathan Tisch. In 2006, Jonathan Tisch and Andrew Tisch were chosen as co-chairmen of the board. All shareholders of Loews Corporation have equal voting rights.
Images for kids
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The current logo of Loews Corporation.
