Rieter

A leading global supplier for textile machinery and components used in short-staple fiber spinning

A leading global supplier for textile machinery and components used in short-staple fiber spinning

The global provider of components for all spinning processes

Yarns that follow fashion

Rieter offers attractive positions around the world

Print

01/12/2005 - Rieter raises its holding in Magee to 100%

Winterthur - Rieter has acquired a 100% interest in US automotive supplier Magee Rieter Automotive Systems. The agreement to purchase the 50% holding it did not already own was signed today. Rieter has held a 50% interest in the North American carpet manufacturer since mid-1997. This acquisition represents a further expansion of Rieter's automotive supply business in North America. This increase in holding has a positive effect on earnings per share.

Magee Rieter, based in Bloomsburg, Pennsylvania, recorded sales of some 150 million US dollars last year with around 800 employees at three locations in the US and Canada. Magee Rieter Automotive Systems is one of the three largest suppliers of automotive carpets in North America. General Motors, its largest customer, has already presented Magee Rieter with the GM Supplier of the Year award for the twelfth successive year. Magee Rieter is the only company in North America that has won this QSTP award (for quality, service, technology and price) each year since it was launched. Other important customers in addition to General Motors include Daimler Chrysler and Ford. Rieter aims to expand its customer base further in North America.

The acquisition of a 100% interest in the company will be reflected in the consolidated financial statements by an increase in net profit after deduction of minority interests and in earnings per share. Magee Rieter has already been fully consolidated in Rieter's group accounts since 1997.

Rieter is an international technology group engaged in developing and producing sophisticated systems solutions for the automotive and textile industry. In the 2003 financial year (2004 sales figures on February 3, 2005) Rieter generated sales of 2319.9 million USD with some 13 000 employees. The Textile Systems Division accounted for 913.7 million USD and the Automotive Systems Division for 1395.3 million USD of this total.

 

Rieter Management AG
Investor Relations

Urs Leinhäuser
Chief Financial Officer
T +41 (0)52 208 79 55

F +41 (0)52 208 70 60
 investor@rieter.com

 
 
Rieter Management AG
Media Relations


Peter Grädel
Head Corporate Communications
T +41 (0)52 208 70 12
F +41 (0)52 208 72 73
 media@rieter.com

 

Media North America


Jeff Caponigro
Caponigro Public Relations, Inc.
Phone (248) 355-3200