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Nonwovens / Technical Textiles

Rieter Acquires 100-Percent Interest In Magee Rieter

Rieter Holding AG, Switzerland, has upped its holding in Magee Rieter Automotive Systems, Bloomsburg, Pa., from 50 percent to 100 percent.

Magee Rieter supplies automotive carpets to General Motors (GM), Daimler Chrysler and Ford, among other customers. Rieter purchased a 50-percent interest in Magee Rieter in 1997. Pursuant to completing its acquisition, it plans to expand its North American customer base.

Magee Rieter employs 800 people at three locations in the United States and Canada, and recorded 2004 sales of $150 million. Named GM Supplier of the Year for 12 years running, it is the only North American company to have won the award which recognizes quality, service, technology and price every year since its inception.

April 2005