NEW RICHMOND -- The local Bosch packaging machinery business will have a new name and new owners come 2020. The local plant will be part of a newly incorporated entity managed by CVC Capital Partners. Bosch and its Pharma and Food units will remain intact, according to a news release.

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

No immediate major changes appear likely at the New Richmond facility, based on the news release.

Based in Luxemburg, CVC is a leading private equity and investment advisory firm with 24 offices in Europe, Asia, and the United States. According to its website, the company manages more than $75 billion of assets.

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“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,” said Stefan König, president of Robert Bosch Packaging Technology. “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.”

The parties signed an agreement on July 11, 2019, affecting the transfer of the entire packaging technology business and its 6,100 associates in 15 countries. The company established a presence in North America in 1906.

The purchase price and other details of the agreement will not be disclosed, the news release said.

Completion of the sale is subject to the approval of various bodies, including antitrust authorities, and is expected by Jan. 1.

“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,” said Stefan Hartung, a member of the Robert Bosch board and chairman of the supervisory board Robert Bosch Packaging Technology.

Bosch announced a year ago that it was looking for a buyer for its packaging technology business.