Bosch: Packaging Technology sold
Bosch plans to sell its packaging machinery business in Waiblingen, Germany, to a newly established company managed by CVC Capital Partners (CVC). According to the latest information, the company will thus remain active in the pharmaceutical and food sectors as a whole. CVC, with ist headquartered in Luxembourg, is a leading private equity firm with 24 offices in Europe, Asia and the USA and currently manages more than $75 billion in capital.
Dr. Stefan Hartung, Managing Director of Robert Bosch GmbH and Chairman of the Supervisory Board of Robert Bosch Packaging Technology GmbH, explains: "Our goal was to find a reliable and long-term oriented new owner for the packaging technology business with all its employees, under which the business can develop successfully. We have achieved this goal."
Completion of the transaction by end of the year
On 11 July 2019, the parties signed a contract for the transfer of the entire packaging technology business, including 6,100 employees in 15 countries. The parties have agreed not to disclose the purchase price or any other details of the purchase agreement. Completion of the sale is subject to the approval of the relevant antitrust authorities and further approvals. The transaction is expected to close at the turn of the year.
The associated company CVC sees packaging technology as an attractive market with long-term growth prospects in which Bosch Packaging Technology is a well-positioned company. Dr. Alexander Dibelius, Managing Partner of CVC, commented: "Packaging Technology has an excellent reputation in the areas of quality and innovation, a broad product portfolio, an international positioning and experienced employees. Together with the management team, we will work on further developing the business in the coming years and making it even more competitive.
Management is satisfied
Dr. Stefan König, Chairman of the Board of Management of Robert Bosch Packaging Technology GmbH, states: "My colleagues in the Board of Management and I see the new constellation with CVC as a great opportunity for our future success. We realigned ourselves almost two years ago. This includes working on a whole new range of intelligent and sustainable process and packaging technologies. This will enable us to offer our customers even more attractive production solutions and services in the future. Our customers and our employees will benefit from this progress."
Focus on the Mobility and Internet of Things business units
A year ago, Bosch announced that it was looking for a buyer for its packaging technology business. The company is increasingly concentrating on the areas of mobility and networking via the Internet of Things. The company is concentrating its existing resources on future issues such as the transformation of the group and its focus on further digitization. Bosch is convinced that the competitiveness and thus the future viability of the Packaging Technology Division can be further increased in the new constellation and that important growth impulses can be generated.