Bosch sells packaging machinery arm
Bosch Packaging Techn...
Bosch has announced its intention to sell its packaging machinery business to investment firm CVC Capital Partners of Luxembourg.
Bosch Packaging Technology will retain all its associates across 15 countries. The Waiblingen, Germany based company will become part of a newly incorporated entity, with CVC having been chosen as the buyer thanks to its industrial expertise and growth strategy. The sale was motivated by consolidation at the business, with an increased drive for digitalisation.
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: “With its experience in growing companies over the long term, its broad industrial expertise, and its viable strategy for taking the division forward, CVC was the right choice for us. The growth concept it has presented, as well as the investments it plans to make, are very promising. For Packaging Technology and all its associates, our aim was to find a reliable new owner with a long-term approach, under whose leadership the business can develop successfully. We have achieved just that.”
A price was not disclosed, but the deal is expected to close at the end of the year subject to antitrust and other approvals.
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.”