Bosch selling packaging machinery business to CVC Capital Partners
July 12, 2019 by Manufacturing AUTOMATION
July 12, 2019 – Bosch plans to sell its packaging machinery business, based in Waiblingen, 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 Luxembourg, CVC is a private equity and investment advisory firm with 24 offices in Europe, Asia and the United States. It currently manages more than US$75 billion of assets.
The parties signed an agreement on July 11, 2019 effecting 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.
“Bosch Packaging Technology is a strong company in an attractive market with long-term growth prospects,” says Dr. Alexander Dibelius, managing partner of CVC, in a release. “Packaging Technology has an excellent reputation for quality and innovation, a broad product range, a global footprint and experienced associates. Together with the management team, we will work to take the business forward in the years ahead, and to make it even more competitive.”
Dr. Stefan König, president of Robert Bosch Packaging Technology GmbH, says, “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.”
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 digitalization.