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Rieter In Negotiations With Suessen Group

Plans for strategic reinforcement in the textile machinery sector Switzerland-based Rieter Holding Ltd. is engaged in exclusive negotiations with Germany-based Suessen regarding the purchase of parts of the latter's operations.The Suessen Group, which is currently in private ownership, is a market leader in the development of spinning technology for the textile machinery industry and is one of the leading manufacturers of key components for spinning machinery. In the past financial year the group generated sales of some 200 million CHF with these activities. The two parties will announce further details of the planned transaction after negotiations have been concluded. The Rieter Group operates in the textile machinery and automotive supply sectors. In the 2000 financial year Rieter generated sales of 2929 million CHF. The textile machinery business accounted for 1088 million of this total.