Bosch sells its packaging technology business to focus on IoT
The company and its Pharma and Food units will not be affected by the sale and will remain intact.
Bosch announced last year it was looking for a buyer for its packaging technology business as it focuses on digitalization, mobility and connectivity over the Internet of Things (IoT).
Stefan König, president, Robert Bosch Packaging Technology, said the partnership is a huge opportunity for the future success of the packaging business.
“Just under two years ago, we completely modified our strategy. It now includes working on a 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,” he said.
CVC in Luxemburg is a private equity and investment advisory firm with 24 offices in Europe, Asia and the US, where it manages more than $75bn 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.
Alexander Dibelius, managing partner, CVC, said it is planning to take the business forward in the coming years to make it more competitive.
“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,” he added.
Stefan Hartung, member of the board of management, and Robert Bosch, chairman of the supervisory board, Robert Bosch Packaging Technology, said it was looking to find a reliable new owner with a long-term approach, under whose leadership the business can successfully develop and it believes it has found that in CVC.
“The growth concept it has presented, as well as the investments it plans to make, are very promising,” said Hartung.