Bobst Group Seeks To Accelerate Transformation of Packaging Production Through Strategic Investments
Jan. 9, 2020 (Press Release) - Bobst Group SA, Mex/Switzerland (“Bobst Group” or “BOBST”), and CITO-SYSTEM GmbH, Schwaig/Germany (“CITO-System”), have entered into exclusive negotiations regarding a potential majority participation of BOBST. As part of its strategy to provide end-to-end solutions for the production of packaging, BOBST recognizes the critical importance of tooling in an agile and sustainable packaging production chain. In a fast changing world, the BOBST and CITO-System partnership would leverage the strengths of both companies to drive innovation in tooling and more globally in the packaging production worldwide. The proposed transaction is subject to the parties reaching a definitive agreement, with the closing of the transaction expected to occur in the first quarter of 2020. If a definitive agreement is reached, the transaction may be subject to customary regulatory approvals and potentially other conditions. There is no assurance, however, that any definitive agreement will be reached or that the closing of the contemplated transaction will occur. Bobst Group SA & Yancheng Hongjing Machinery Technology Co., LtdShanghai Eternal Machinery Co., Ltd, Shanghai/China (“Eterna”), a member of Bobst Group, acquired 70% of the equity of Yancheng Hongjing Machinery Technology Co., Ltd, Dongtai/China (“Hongjing”). The transaction, which was closed on January 6th, 2020, is part of a strategy to successfully improve and continuously widen the portfolio of machines of Eterna. With this partnership, Eterna intends to leverage the strengths of both companies to drive innovation in the folder/gluer industry and continue to grow the business at an international level. Hongjing will become the competence center for folder-gluers of Eterna. About CITO-SystemCITO-System is a privately owned international company with its headquarters in Schwaig/Germany. CITO-System is one of the leading companies in the area of creasing systems for the packaging industry. The company has its roots in a box making company founded in 1906. CITO-System is known to be one of the know-how experts in the manufacturing of packaging made of paper, cardboard, and corrugated cardboard. It supplies corrugated board converters, display producers, folding box companies, die makers, and printing companies on all continents. CITO-System employs 230 people. About EternaEstablished in the city of Shanghai/China, Eterna is a member of Bobst Group and exhibits expertise in designing and manufacturing converting lines for the packaging industry. It serves more than 50 countries and employs 450 employees. Having strong foundations, Eterna is now looking to expand its product portfolio offering. About HongjingIncorporated in 2004, Hongjing is a company headquartered in Dongtai/China, and whose main activity is the design, manufacture and sale of entry level folder-gluers. Currently employing a hundred full time employees, the company offers solutions for the folding carton, corrugated board and litho-laminating industries. Bobst Group is one of the world's leading suppliers of substrate processing, printing and converting equipment and services for the label, flexible packaging, folding carton and corrugated industries. To learn more, visit: https://www.bobst.com SOURCE: Bobst Group |