Schweiter Technologies sells SSM Textile Machinery division to Rieter
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Schweiter Technologies /
Schweiter Technologies sells SSM Textile Machinery division to Rieter
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The issuer is solely responsible for the content of this announcement.
Horgen, July 3, 2017 - Schweiter Technologies AG has come to an agreement with
the Swiss Rieter Group on the sale of all shares in the SSM Textile Machinery
division and has executed the transaction simultaneously.
SSM Textile Machinery (www.ssm.ch) is a leading manufacturer of machines for
yarn processing and precision winding. In 2016, this division of Schweiter
Technologies Group reported revenues of CHF 85.9 million and an operating profit
of CHF 11.6 million with a headcount of 246 employees.
The selling price, including the cash resources remaining within the company, is
CHF 124.2 million, and the enterprise value (cash free / debt free) is CHF 100
million. The overall transaction results in a book profit of approximately CHF
90 million.
Rieter (www.rieter.com) is the world's leading supplier of systems for short-
staple fiber spinning. Rieter is listed on the SIX Swiss Exchange under ticker
symbol RIEN.
Rieter will continue to operate SSM Textile Machinery in its existing form -
i.e. as a Swiss company headquartered in Horgen and with production facilities
in Italy and China as well as its global distribution network - and with the
existing management team. With the completion of the transaction, Ernesto
Maurer, Chairman of the Board of Directors of SSM, has stepped down from the
Group Management of Schweiter Technologies.
Schweiter Technologies is convinced that the sale of this business to Rieter
makes good industrial sense and that it has found the right owner for the
further development of the textile machinery business. With the sale of its SSM
Textile Machinery division, Schweiter Technologies will be focusing wholly on
the expansion and further development of its composites business (3A
Composites).
In light of current events, a Media and Analyst Conference will be taking place
at the Hotel Marriott, Zurich, at 11.00 on 3 July 2017.
For further information please contact:
Martin Klöti, CFO
Tel. +41 44 718 33 03, fax +41 44 718 34 51, martin.kloeti(at)schweiter.com
Please find the Media release in the PDF attached:
Media release (PDF):
http://hugin.info/100347/R/2117165/805880.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Schweiter Technologies via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 03.07.2017 - 06:45 Uhr
Sprache: Deutsch
News-ID 550807
Anzahl Zeichen: 3128
contact information:
Town:
Horgen
Kategorie:
Business News
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