Bosch Group sells packaging machinery business
The Bosch Group plans to sell its packaging machinery business, based in Waiblingen, Germany to a newly incorporated entity managed by CVC Capital Partners (CVC). Bosch and its Pharma and Food units will remain intact.
The parties signed an agreement on 11 July, effecting the transfer of the entire packaging technology business and its 6,100 associates in 15 countries. The purchase price and other details of the purchase agreement have not been disclosed.
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.”
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. 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.”
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.
Dr Alexander Dibelius, managing partner of CVC, said: “Bosch Packaging Technology is a strong company in an attractive market with long-term growth prospects. [It] 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.”
Founded by Robert Bosch in Stuttgart, Germany in 1886, the Bosch Group is a global supplier of technology and services. The company generated sales of €78.5 billion (USD$88.3bn) in 2018. For more information, visit: www.bosch.com, www.iot.bosch.com or www.bosch-press.com.
CVC is a private equity and investment advisory firm. Founded in 1981, CVC today has a network of 24 offices and over 500 employees throughout Europe, Asia and the US. To date, CVC has secured commitments of over USD$123 billion from some of the world’s leading institutional investors across its private equity and credit strategies. For further information about CVC please visit: www.cvc.com.