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Rieter To Acquire Textile Machinery Activities Of Suessen

Rieter To AcquireTextile Machinery Activities Of SuessenThe Switzerland-based Rieter Group announced it will acquire the textile machinery business of the Germany-based Suessen Group. Suessen had sales in 2000 of some CHF 200 million, due to its spinning technology development and the manufacture of components for spinning machinery. The company employs 1,870 workers worldwide and has production plants in Germany, the United States, the Czech Republic, India and Brazil.The acquisition will be completed in progressive stages, with Rieter first taking over from Suessen all patents, its research and development company and a component manufacturing company in the Czech Republic, which together account for total annual sales of CHF 40 million. Rieter expects the integration of these properties will reinforce its thrust and engineering expertise in textile machinery.Suessens parent company, owned by the Stahlecker family, is undergoing restructuring to make operations adjustments according to market requirements and also to ensure sustained profitability. After the company has completed its restructuring, it will also be brought into the Rieter organization.The acquisition is expected to generate additional sales for Rieter, as well as provide substantial growth potential and reinforce its market position in ring spinning, rotor spinning and compact spinning. Once the acquisition is complete, Rieter will be the worlds largest supplier of spare parts, wearing parts and retrofit components for staple fiber machinery.May 2001