Bosch Packaging Technology has rebranded as Syntegon Technology, reflecting its status as an ‘independent enterprise’ following its acquisition by CVC Capital Partners from Bosch last year.
Bosch agreed to sell the packaging machinery division to private equity firm CVC Capital Partners for an undisclosed sum in 2019, claiming that the sale of the unit was due in part to the competitive environment in which it operates.
This acquisition was concluded on 2 January, and Syntegon will now act as an ‘independent entity’ with a focus on “intelligent and sustainable technologies for the pharmaceutical and food industries”.
Syntegon claims that it is pursuing two approaches to produce sustainable packaging. One is to use mono materials rather than conventional multilayer films, and the other is to use paper packaging as an alternative to plastic packaging.
Syntegon currently employs 6,100 people at more than 30 locations worldwide, and the company posted €1.3 billion in sales in 2019. Headquartered in Waiblingen, Germany, Syntegon has expanded the facility to include new purchasing and IT departments to enhance its service to customers.
The company has also announced that it is investing in a new customer and technology centre at the Waiblingen headquarters to further improve its operations.
Syntegon’s chairman of the executive board, Stefan König, said: “We are building on 150 years of experience and the 64,000 machines deployed by our customers, and pursuing new avenues of business.
“Now, more than ever before, we are working on intelligent and sustainable technologies and embracing the collaboration with our business partners in the true spirit of partnership.”
Marc Strobel, a partner at CVC Capital Partners added: “CVC is delighted to see the transaction completed on schedule. Syntegon Technology has a strong presence in many market segments, great technological know-how, and innovative power. We want to build on these strengths jointly with management and the entire workforce.”
© FoodBev Media Ltd 2020