Bosch Packaging Technology will be acquiring 49% share in India-based Klenzaids to extend its global reach, particularly in liquid pharmaceuticals and packaging machines for clean-room environments.
The joint venture is being planned in India and will employ around 380 people. Both companies signed the agreement on November 28, 2014.
The product portfolios of both the companies complement each other across the board. In particular, the joint venture will allow the companies to cater to the growing demand for complete lines from a single source in the Indian market, said Bosch in a statement.
As a part of the joint venture, Klenzaids will contribute its expertise in clean-room and processing technologies along with its peripheral systems and Bosch will contribute its strength in innovative filling technologies.
Bosch Packaging Technology president Friedbert Klefenz said: "We already have a long history of trusted collaboration with Klenzaids. The company is known for employing excellent people and for providing high-quality products and services. I am delighted at the prospect of a future together."
Klenzaids managing director Hamish Shahani said: "Joining forces and pooling our resources will give us a stronger starting position in the emerging Indian market. Despite our different regional backgrounds, Bosch and Klenzaids have a lot in common. Both place great emphasis on profitable growth, innovative strength, reliability, a motivated workforce, and strong value orientation."
Mumbai-based Klenzaids employs around 350 people and generated revenues of €6m in 2013 while Bosch Packaging Technology employs 5,600 associates across the world and generated revenues of around €1.1bn.
