Bosch has agreed to sell its Germany-based packaging machinery business to CVC Capital Partners (CVC), having searched for a buyer since last year.
As part of the deal, the private equity and investment firm will acquire the entirety of Bosch’s packaging technology business, situated in Waiblingen, Germany. The company’s 6,100 employees across 15 countries will also be transferred to CVC.
However, Bosch and its pharmaceutical and food business units will remain intact.
Robert Bosch Packaging Technology president Dr Stefan König 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.”
Bosch believes that this deal will further enhance the packaging technology division’s competitiveness and its future viability.
Both parties have agreed not to disclose the purchase price and other details of the transaction.
The acquisition is currently subject to the approval of various bodies, including antitrust authorities. It is expected to be concluded at the turn of the year.
CVC managing partner Dr Alexander Dibelius, managing partner said: “Bosch Packaging Technology is a strong company in an attractive market with long-term growth prospects.
“Together with the management team, we will work to take the business forward in the years ahead and to make it even more competitive.”