Germany: Italy’s engineering group Coesia and German industrial holding Koerber are preparing offers for the packaging machinery unit that German auto supplier Bosch has put on the block, people close to the matter said.
Private equity firms such as Triton, Bain, KKR, Cinven and Onex are also expected to hand in first bids for the company which is expected to fetch a valuation of 500-600 mil- lion euros ($570-684 mln), including debt, they added.
Bosch and the bidders declined to comment or were not immediately available for comment. Some of the main reasons why Bosch has opted to move out of packaging sector: “Bosch feels that Packaging technology is not a core in its pursuit as there are few business or technology synergy effects within the group. Another key reason being SME rivals are at a structural advantage whilst Bosch’s packaging division will remain a stable partner for its customers” says Dr. Stefan Hartung, the Bosch management member responsible for the Energy and Building Technology and Industrial Technology business sectors.