Odewald Said to Seek Buyer for Rest of Oystar PackagingSheenagh Matthews and Alex Webb
Odewald & Cie., a Berlin-based buyout firm, plans to sell the remaining parts of its packaging machine maker Oystar Holding GmbH, people familiar with the matter said.
After the sale of the pharmaceutical and cosmetic packaging unit IWK, Oystar is now also disposing of its dairy and food packaging businesses, said the people, who asked not to be identified as the considerations are private. The two units will be sold either together or separately and already attracted the interest of private-equity bidders, they said.
Odewald is selling Stutensee, Germany-based Oystar, which it acquired in 2007 for 255 million euros ($344 million), in parts as that may generate a higher return compared to a sale of the whole company. The dairy and food packaging businesses generate annual sales of about 200 million euros with wrapping machines for butter and cheese and bag-filling machines for dry foods such as rice and pasta.
A spokesman for Odewald said the buyout firm regularly receives and considers offers it gets for its packaging business. He declined to comment on whether the company is currently evaluating any bids.
Canada’s ATS Automation Tooling Systems Inc. on Sept. 1 agreed to buy IWK, Oystar’s pharmaceutical and cosmetic packaging unit, for C$133 million ($129 million). Oystar’s North American operations were sold in October.