Bosch has agreed to sell its packaging machinery division to private equity firm CVC Capital Partners for an undisclosed sum.
Bosch announced plans to offload the division in July 2018, claiming that the intended sale of the unit was due in part to the competitive environment in which it operates.
According to a statement from Bosch, both parties signed an agreement on July 11 2019 agreeing on the transfer of the entire packaging technology business and its 6,100 employees in 15 countries.
Completion of the sale is subject to the approval of various regulatory bodies including antitrust authorities, and is expected to close at the end of the year.
Bosch says that it will now focus its existing resources “on areas of future importance, such as shaping the transformation process and preparing for further digitalisation.”
Dr Stefan König, the president of Robert Bosch Packaging Technology, 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.”
Dr Alexander Dibelius, managing partner of CVC, adeed: “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.”
© FoodBev Media Ltd 2019