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Promatech Agrees To Acquire Sulzer Textil From Sulzer Ltd

Italy-based Promatech S.p.A., a member of the Itema Group, has agreed to buy Sulzer Textil from Sulzer Ltd., Switzerland.Following the acquisition, which is still subject to approval by regulatory authorities, Sulzer Textil will continue to operate as an independent group and will retain the right to use the trade name Sulzer Textil. All employee contracts will be taken over in their present form.The sale of Sulzer Textil is part of Sulzer Corp.s focusing strategy and divestiture program. The parties involved agreed not to disclose the transaction price.In view of our strengths in quality, product innovation and services, together with the environment of Promatech and the Itema Group, I have full confidence in the long-term future of Sulzer Textil, said Ulrich Bolleter, president, Sulzer Textil.

September 2001