Switzerland-based weaving preparation and wet finishing machinery producer Benninger AG has acquired Germany-based wet finishing and dyeing machinery manufacturer Küsters Textile GmbH — a deal that includes subsidiaries Küsters Far East Ltd., Hong Kong, and Küsters Shanghai Co. Ltd., and is retroactive to the beginning of 2007. The price of the transaction will not be disclosed and is still subject to approval by antitrust agencies in Europe.

Benninger plans to integrate Küsters manufacturing activities into those of its own, and will continue to operate the Küsters manufacturing facility in Zittau, Germany. In 2006, Küsters employed 180 people and achieved a turnover of approximately 22 million euros (US$32.6 million).

“With this acquisition, we will attain an excellent market position, which will enable us to further improve our efficiency towards our customers,” said Daniel Hirschi, CEO, Benninger. “The synergies we will be able to exploit as a result will contribute to put Benninger in an even better position regarding global competition.”

November 27, 2007