Switzerland-based Rieter Holding has signed an agreement to acquire three businesses of China’s Saurer Intelligent Technology Co; Saurer Netherlands Machinery Company, the parent company of Saurer Spinning Solutions GmbH & Co KG and Saurer Technologies GmbH & Co KG. The purchase price for the businesses is €300 million on a cash and debt free basis.
In total, the three businesses had a combined turnover of €142 million in 2020, the year of the COVID crisis. In 2019 and 2018, the total combined turnover was at a level of €235 million and €260 million, respectively.
Rieter will acquire 57 per cent of the shares of Saurer Netherlands. The shares will be returned to Saurer after the implementation of the transaction in six to nine months.
Rieter will also supply automatic winders to Saurer in the future. Rieter has also invested in two attractive component businesses – Accotex and Temco.
