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..
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.
Dr. Stefan König, president of Robert Bosch Packaging Technology GmbH, said: “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. Our customers and our associates will benefit from the progress we have made.”
Bosch announced last year 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, and focusing on areas of future importance, such as shaping the transformation process and preparing for further digitalization.