Packaging giant Bosch is to sell its packaging machinery business to Luxembourg based CVC Capital Partners.
Sourced through Scoop.it from: www.medicalplasticsnews.com
Bosch reveals plans for the sale of its packaging machinery business to a new corporate entity managed by CVC Capital Partners.
Following the new deal Bosch’s pharmaceutical packaging and food packaging units will remain unaffected with Luxembourg based private equity firm CVC restructuring other areas.
The deal will effect an estimated 6100 employees across 15 countries. The draft agreement was signed 11th July 2019 however the full scope of the deal is yet to be disclosed. Completion of the sale is expected later this year.
Alexander Diberlius who is a managing partner at CVC said bosch packaging machinery is a strong company in a growing market with good long term prospects.
Bosch is a company renowned for its quality and innovation, it has a large product portfolio with a worldwide footprint. It’s staff are experienced and have the necessary knowledge to deal with the complicated challenges clients have.
In cooperation with the management team they plan to grow the business and take it forward in the upcoming years. Competitiveness is key!
The president of Bosch, Stefan Konig commented that his colleagues and the executive management were excited about the new partnership with CVC, They see it as a big opportunity for success in the future.
Bosch completely modified their business strategy just under 2 years ago. Now they focus on a core range of smart and sustainable packaging technologies.
The hope is this will contribute to creating a compelling offer with even more attractive solutions for clients.
Bosch board member Stefan Hartung has added that the new strategy combined with CVC’s experience in growing companies over the long term is a recipe for success.
CVC’s growth concept looks very promising. Bosch’s aim was to find an owner who took a long term view and could strengthen the brand through solid leadership.
This news comes a year after Bosch first announced they were looking for a partner to take over their packaging machinery business. Bosch wants to focus more on connectivity and the internet of things, adapting more and more to the ever changing landscape of digitization.
It is hoped the new partnership will yield significant results in the medium to long term.