Connected cars and autonomous vehicles are an expensive bet with considerable shareholder risk. Auto companies and suppliers continue to seek capital and share risk.
Bosch plans to sell its packaging machinery business, based in Waiblingen, to a newly incorporated entity managed by CVC Capital Partners (CVC). The company and its Pharma and Food units will supposedly remain intact. All 6,100 workers in 15 countries will remain with the business.
This is the latest development in the restructuring of traditional automotive suppliers to concentrate on connected and autonomous vehicles. Bosch announced a year ago that it was looking for a buyer for its packaging technology business.
Bosch is giving increasing attention to mobility and connectivity over the internet of things. It is focusing its existing resources on areas of future importance, such as shaping the transformation process and preparing for further digitization.
Based in Luxemburg, CVC is a leading private equity and investment advisory firm with 24 offices in Europe, Asia, and the United States. It currently manages more than US$75 billion of assets.
The parties signed an agreement on July 11, 2019 effecting the transfer of the entire packaging technology business and its 6,100 associates in 15 countries. The purchase price and other details of the purchase agreement were not disclosed. Completion of the sale is subject to the approval of various bodies, including antitrust authorities, and is expected to close at the turn of the year.
“Bosch Packaging Technology is a strong company in an attractive market with long-term growth prospects” said 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.”
Dr. Stefan Hartung, member of the board of management of Robert Bosch GmbH and chairman of the supervisory board Robert Bosch Packaging Technology GmbH, said: “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.”
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Connected Car Shakeout – Bosch Sells Packaging Business
Connected cars and autonomous vehicles are an expensive bet with considerable shareholder risk. Auto companies and suppliers continue to seek capital and share risk.
Bosch plans to sell its packaging machinery business, based in Waiblingen, to a newly incorporated entity managed by CVC Capital Partners (CVC). The company and its Pharma and Food units will supposedly remain intact. All 6,100 workers in 15 countries will remain with the business.
This is the latest development in the restructuring of traditional automotive suppliers to concentrate on connected and autonomous vehicles. Bosch announced a year ago that it was looking for a buyer for its packaging technology business.
Bosch is giving increasing attention to mobility and connectivity over the internet of things. It is focusing its existing resources on areas of future importance, such as shaping the transformation process and preparing for further digitization.
Based in Luxemburg, CVC is a leading private equity and investment advisory firm with 24 offices in Europe, Asia, and the United States. It currently manages more than US$75 billion of assets.
The parties signed an agreement on July 11, 2019 effecting the transfer of the entire packaging technology business and its 6,100 associates in 15 countries. The purchase price and other details of the purchase agreement were not disclosed. Completion of the sale is subject to the approval of various bodies, including antitrust authorities, and is expected to close at the turn of the year.
“Bosch Packaging Technology is a strong company in an attractive market with long-term growth prospects” said 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.”
Dr. Stefan Hartung, member of the board of management of Robert Bosch GmbH and chairman of the supervisory board Robert Bosch Packaging Technology GmbH, said: “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.”
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.