• Financial commitment to complete Rieter’s ring- and compact spinning methods and in two attractive element companies
  • Schlafhorst computerized winder as effectively as Accotex and Temco will be transferred from Saurer to Rieter
  • Closing envisioned all through the month of August, implementation to be accomplished in 6 to nine months
  • Improvements in the Rieter Board of Directors

reiterlogo-jpg_524x139Rieter Holding Ltd., Winterthur/Switzerland, and Saurer Clever Know-how Co. Ltd., Shanghai/China shown, signed an agreement by which Rieter will acquire a few businesses from Saurer Netherlands Machinery Business B.V., Amsterdam/Netherlands, the mother or father company of Saurer Spinning Options GmbH & Co. KG, Uebach-Palenberg/Germany and Saurer Technologies GmbH & Co. KG, Krefeld/Germany.

With this acquisition, Rieter will complete the giving of ring- and compact spinning units by obtaining the Schlafhorst automated winder business enterprise. In addition, Rieter invests in two interesting element businesses: Accotex (elastomer elements for spinning machines) and Temco (bearing options for filament machines).

In total, the a few businesses had a blended turnover of EUR 142 million in 2020, the 12 months of the COVID crisis. In 2019 and 2018, the full put together turnover was at a level of EUR 235 million and EUR 260 million, respectively.  The order cost for the 3 businesses is EUR 300 million on a money and credit card debt absolutely free basis. Rieter has financed the buy rate by cash and offered credit rating traces.

Rieter and Saurer expect to close the transaction for the duration of the month of August. In the very first action of the transaction, Rieter will receive 57% of the shares of Saurer Netherlands. The shares will be returned to Saurer after the implementation of the transaction in 6 to 9 months.

In relationship with the transaction, it is envisaged that Rieter will source automatic winders to Saurer in the potential.

Changes in the Rieter Board of Administrators

For the duration of the system of this transaction, it came to really serious violations of the statutory responsibility of loyalty, the obligation to manage enterprise tricks and the Rieter Code of Perform by the two users of the Board of Administrators Luc Tack and Stefaan Haspeslagh. They have employed information interior to the Board of Administrators in buy to compete with Rieter via their have provide.

The Board of Administrators considers this to be a robust violation of Rieter’s interests, to the detriment of all of its stakeholders, and a sustained breach of the romance of have confidence in within the Board of Administrators which makes additional cooperation not possible.

For that reason, the Board of Directors of Rieter Holding Ltd. intends to convene an Extraordinary Common Conference at which its members, Luc Tack and Stefaan Haspeslagh, are to be dismissed.

To protect Rieter’s interests, the Board of Directors will file a prison complaint versus the two users of the Board of Administrators.

The date of the Extraordinary General Assembly will be announced at the appropriate time.