Rieter Sells Pelletizing Machinery Business To CGS Management

Switzerland-based Rieter Holdings AG has sold its Germany-based Rieter Automatik GmbH pelletizing machinery business unit to Switzerland-based CGS Management, a specialist in developing medium-sized businesses into international industrial groups, for an undisclosed price. According to Rieter, the business no longer is a core activity for the company’s Textile Systems Division, which henceforth will focus on staple fiber and nonwovens production machinery, technology components and service.

Rieter Automatik — a manufacturer of pelletizing systems and components including systems for the production and recycling of plastics, or pelletization of low-viscosity liquids — employs 230 workers at its Grossostheim, Germany, facility and reported sales totaling approximately 70 million Swiss francs (US$61.8 million) in 2007.

February 26, 2008