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Rieter To Sell Man-Made Filament Machinery Business To Bavaria Maschinenfabrik

Rieter Holding AG, Switzerland, has agreed to sell the remaining operations of the Filament Yarn Technologies (FYT) business unit within Rieter Machine Works Ltd. — a subsidiary of its Textile Systems Division — to Germany-based Bavaria Maschinenfabrik GmbH for an undisclosed price. The impending sale follows Rieter’s previously announced sale of FYT’s cabling, twisting and texturing machinery operations to France-based Co-Martin.

The operations to be sold comprise the manufacture of machinery and systems for production of man-made continuous filament. Rieter based its decision to sell the business on the company’s inability to develop it profitably. Bavaria Maschinenfabrik will retain the unit’s approximately 80 employees, and continue to provide service to its customers and supply spare parts.

Bavaria Maschinenfabrik, a systems engineering company, is a subsidiary of Germany-based Bavaria Industriekapital AG, an industrial holding company that acquires well-positioned mid-sized European companies with earnings enhancement potential.

Rieter said it will continue to serve its man-made staple-fiber customers, noting its staple fiber machinery is used to produce both blended yarns containing man-made fibers and 100-percent cotton yarns.

December 19, 2006