Bosch plans to sell its packaging machinery business, based in Waiblingen, to a newly incorporated entity managed by CVC Capital Partners (CVC). The company and its Pharma and Food units will remain intact. Based in Luxemburg, CVC is a leading private equity and investment advisory firm with 24 offices in Europe, Asia, and the United States. It currently manages more than US$75 billion of assets.
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. 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.”