By Liz White, UT editor
Winterthur, Switzerland-Swiss group Rieter is selling its activities in cabling, twisting and texturing machines 2006 to French company Co-Martin. The deal took effect retroactively from 31 Oct.
Rieter said in a 22 Nov announcement that new owners Co-Martin, "have many years of experience in the man-made fibre business and are taking over all activities at the location in Valence, France. Financial details of the sale were not disclosed
Reiter said a strategic review of the man-made fibre activities within its Textile Systems division showed that sustainably positive further development of cabling, twisting and texturing machines within Rieter Group was not viable.
Hence Rieter decided to sell its Rieter Textile Machinery France SAS subsidiary, in Valence, with all three business fields. The Valence unit employs 153 and hadturnover of about Euro 50 million in 2005, the group added.
Rieter's Automotive Division, which uses polyurethane in making parts for insulating against acoustic, thermal and vibration effects, is unaffected by the deal.
Rieter added that a strategic review of the chemical fibre activities in Winterthur is still under way, with a decision expected in the next few weeks.
Rieter Group operates globally making systems for the textile and automotive industries, with 2005 sales of SwFr3122 million ($2144 million) and about 14'600 employees worldwide. Its Textile Systems Division accounted for SwFr1'085 million of this and its Automotive Systems Division for SwFr 2'031 million."