GERMANY, Waiblingen. Syntegon Technology is the new name among the market leaders in the processing and packaging industry.
Known as Bosch Packaging Technology until late 2019, the former Bosch division today presented itself as an independent enterprise at the company headquarters in Waiblingen (Germany).
Syntegon Technology’s business focus is on intelligent and sustainable technologies for the pharmaceutical and food industries. Extending the service range is a priority for the company. The new company employs 6,100 people at more than 30 locations worldwide. It posted €1.3 bn. in sales in 2019.
Bosch disclosed its plans to sell the packaging machinery division to a newly incorporated entity managed by CVC Capital Partners, a leading private equity and investment advisory firm, in July 2019. The transaction was completed on 2 January, 2020 according to plan, with the company gaining full independence at the turn of the year. Bosch had announced in June 2018 that it intended to sell its packaging division.
Bosch Packaging Technology then expanded its headquarters in Waiblingen, Germany, augmenting it with new departments required for the switch. Business developments remained stable in the interim, bucking the trend in the sluggish machine engineering sector.
The new owner, CVC, aims to vigorously develop the company as a whole and expand intra-group synergies. Commenting on the closing of the sale, Marc Strobel, a partner at CVC Capital Partners said: “CVC is delighted to see the transaction completed on schedule. Syntegon Technology has a strong presence in many market segments, great technological know-how, and innovative power. We want to build on these strengths jointly with management and the entire workforce.”