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Textile News

Rieter Splits Textile Automotive Divisions

Shareholders of Rieter Holding AG, Switzerland, have approved a proposal to split the company and establish separate independent listed companies for its Textile Systems and Automotive Systems divisions. Rieter's Board of Directors announced the proposed split in March, subject to shareholder approval at Rieter's annual meeting on April 13 (See " The Rupp Report: Rieter Is Going Strictly Textile," www. TextileWorld.com, March 22, 2011).

Rieter Automotive Systems has been renamed Autoneum Holding Ltd. Rieter shareholders received a special dividend comprising registered shares in Autoneum, which is expected to be listed on the SIX Swiss Exchange in May 2011.

Rieter Textile Systems continues to operate within Rieter Holding, which has narrowed its focus onto its traditional spinning machinery and technology components business.

"You have just set one of the most important milestones in Rieter's history," said Rieter Board Chairman Erwin Stoller to the company shareholders following their approval of the split. "I am convinced that both our automotive supply and textile machinery businesses are well positioned for a successful independent future."

May/June 2011