Luxemburg-based CVC Capital Partners has purchased the business but the pharma and food units will remain intact
Bosch plans to sell its packaging machinery business, based in Germany, to a newly incorporated entity managed by CVC Capital Partners (CVC). The company and its Pharma and Food units will remain intact.
Based in Luxemburg, CVC is a private equity and investment advisory firm with offices in Europe, Asia, and the US. It currently manages more than US$75 billion worth of assets.
The parties signed an agreement affecting the transfer of the entire packaging technology business and its 6,100 associates in 15 countries.
It has been agreed that the purchase price and other details of the purchase agreement will not be disclosed. Completion of the sale is subject to the approval of various bodies, including antitrust authorities, and is expected to close at the turn of the year.
Dr Alexander Dibelius, Managing Partner of CVC, said: “Bosch Packaging Technology is a strong company in an attractive market with long-term growth prospects.”
Dibelius said that Bosch has an excellent reputation for quality and innovation, a broad product range, a global footprint, and experienced associates.
Dr Stefan König, the President of Robert Bosch Packaging Technology GmbH, said: “My colleagues and I in executive management regard this new partnership with CVC as a huge opportunity for our future success. Just under two years ago, we completely modified our strategy. It now includes working on a completely new range of smart and sustainable process and packaging technologies. This will allow us to offer our customers even more attractive product solutions and services in the future.”
Dr Stefan Hartung, member of the board of management of Robert Bosch GmbH and chairman of the supervisory board Robert Bosch Packaging Technology GmbH, said that the growth concept the agreement has presented, as well as the investments it plans to make, are very promising.
Bosch announced a year ago that it was looking for a buyer for its packaging technology business. The company is giving increasing attention to mobility and connectivity over the internet of things. It is focusing its existing resources on areas of future importance, such as shaping the transformation process and preparing for further digitalisation.
Bosch firmly believes that the Packaging Technology division’s competitiveness, and thus also its future viability, can be further enhanced through this new partnership, and that significant stimuli for growth can be created.