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Textile News

The Saurer Group Acquires Barmag

The Saurer Group, Switzerland has announced that it is acquiring AGIV AGs 75-percent shareholding of Barmag AG, Germany. Based on 100 percent of the shares, the purchase price agreed amounts to DEM 425 million (CHF 348 million).This acquisition is subject to approval of the supervisory board, the authorization of the extraordinary general meeting of shareholders of AGIV AG, as well as the approval of the Cartel authorities.According to the company, through the acquisition of Barmag, Saurer intends to complete its worldwide leading market position in spinning machinery and to achieve a major milestone in becoming an integral supplier of such equipment.Barmag has 2,650 employees and had sales in 1999 of approximately DEM 650 million (CHF 532 million).In other news, The Saurer Group announced that the board of directors and the group management have decided to consolidate all the textile activities under one common management, in order to, achieve an increased degree of synergy in worldwide sales and sourcing.The company also announced that Heinz Bachmann will be responsible for the Saurer Textile Division.

December 1999




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