The German engineering and technology company, Bosch, has announced plans to sell its packaging machinery business in Waiblingen to CVC Capital Partners.
The private equity firm based in Luxemburg will acquire the business and its 6,100 associates across 15 nations.
“Bosch Packaging Technology is a strong company in an attractive market with long-term growth prospects,” stated Dr Alexander Dibelius, Managing Partner of CVC.
“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.”
CVC has 24 offices in Europe, Asia, and the United States, and manages more than US$75bn in assets.
“My colleagues and I in executive management regard this new partnership with CVC as a huge opportunity for our future success,” commented Dr Stefan König, the President of Robert Bosch Packaging Technology GmbH.
“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.”