Bosch has sigend an agreement to sell its packaging machinery business, based in Waiblingen, to a newly incorporated entity managed by CVC Capital Partners. The company and its Pharma and Food units will remain intact. Based in Luxemburg, CVC is a private equity and investment advisory firm with 24 offices in Europe, Asia, and the U.S., and it manages more than $75 billion of assets. 

 
The agreement includes the transfer of the entire packaging technology business and its 6,100 associates in 15 countries. The purchase price and other details were not disclosed. The sale, subject to customary closing conditions, is expected to be completed at the end of the year.
 
Dr. Alexander Dibelius, managing partner of CVC, said, “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. Together with the management team, we will work to take the business forward in the years ahead, and to make it even more competitive.” 

 
Dr. Stefan König, the president of Robert Bosch Packaging Technology GmbH, 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 announced a year ago that it was looking for a buyer for its packaging technology business. The company is increasing its attention on mobility and connectivity over the internet of things. It is focusing its existing resources on areas such as shaping the transformation process and preparing for further digitalization.