Bosch Divests from Packaging Technology Business

German technology supplier Bosch entered into an agreement this month to sell its Packaging Technology business to Luxemburg-based private equity and investment firm CVC Capital Partners (CVC), the companies announced in a joint press release. 

Under the terms of the agreement signed on July 11, the entire packaging technology business will be transferred to CVC, including 6100 workers currently employed by Bosch across 15 countries. 

“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,” Dr. Alexander Dibelius, managing partner of CVC, said in a statement. “Together with the management team, we will work to take the business forward in the years ahead, and to make it even more competitive.”

A search for a buyer for the business was initiated by Bosch a year ago. The German company said the move comes as it is working to hone its resources on mobility and connectivity with the Internet of Things (IoT). 

“With its experience in growing companies over the long term, its broad industrial expertise, and its viable strategy for taking the division forward, CVC was the right choice for us,” said Dr. Stefan Hartung, a member of Robert Bosch GmbH’s board of management, in the release. “The growth concept it has presented, as well as the investments it plans to make, are very promising. For Packaging Technology and all its associates, our aim was to find a reliable new owner with a long-term approach, under whose leadership the business can develop successfully. We have achieved just that.”

Financial terms of the transaction were not disclosed. The sale is expected to close before the end of the year pending to completion of regulatory approvals. 

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