Bosch intends to sell its packaging machinery business based in Waiblingen to a newly incorporated entity managed by CVC Capital Partners (CVC), according to a press release. The corporate and its pharma and food units will remain intact.
Based in Luxemburg, CVC is a number one private equity and investment advisory firm with 24 offices in Europe, Asia, and the United States. It, at the moment, manages more than USD75bn of assets.
The corps signed an agreement on July 11, 2019, accomplishing the switch of all the packaging technology business and its 6,100 associates in 15 nations.
The acquisition worth and different facts of the purchase agreement will not be disclosed. Completion of the sale is topic to the approval of various our bodies, together with antitrust authorities, and is predicted to close at the turn of the year.
Dr. Alexander Dibelius, a managing accomplice of CVC, stated: Bosch Packaging Technology is a reliable company in an attractive market with long-term growth prospects. Packaging Know-how has a superb reputation for high quality and innovation; a broad product varies, a global footprint, and experienced associates. Along with the management team, we are going to work to take the enterprise ahead within the years forward and to make it even more competitive.
CVC Capital Partners, the president of Robert Bosch Packaging Technology GmbH, said: My colleagues and I in executive management regarding this new partnership with CVC as a huge opportunity for our future success. Just below two years in the past, we entirely transformed our strategy. It now contains working on a new vary of excellent and sustainable process and packaging technologies. This will enable us to supply our prospects much more engaging product options and provider’s sooner or later. Our customers and our associates will benefit from the progress we have made.