OR WAIT 15 SECS
The Bosch packaging machinery business, including the pharma unit, will remain intact in the transfer to private equity firm CVC.
Bosch plans to sell its packaging machinery business, based in Waiblingen, Germany, to a newly incorporated entity managed by Luxembourg-based CVC Capital Partners (CVC). The company and its Pharma and Food units will remain intact. The parties signed an agreement on July 11, 2019 effecting the transfer of the entire packaging technology business and its 6100 associates in 15 countries, according to the July 12, 2019 press release.
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.
“My colleagues and I in executive management regard this new partnership with CVC as a huge opportunity for our future success,” said Stefan König, president of Robert Bosch Packaging Technology, in the press release. “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.”
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. 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.