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 Luxemburg, CVC is a leading private equity and investment advisory firm with 24 offices in Europe, Asia, and the United States. It currently manages more than USD 75 bn of assets.
The parties signed an agreement on 11 July 2019 effecting the transfer of the entire packaging technology business and its 6,100 associates in 15 countries. Completion of the sale 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. 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, said: “We 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. Our customers and our associates will benefit from the progress we have made.”