05/13/2011 - Rieter’s first stock trading day after the separation of Automotive Systems
Today May 13, 2011 is the first trading day of Rieter shares ex-dividend (ticker symbol RIEN unchanged) on the SIX Swiss Exchange without the Automotive Systems business. This company with registered offices in Winterthur, Switzerland is a global market leader in short-staple spinning machinery and components, with the broadest offering worldwide.
After approval by the Rieter Holding Ltd Annual General Meeting on April 13, 2011 of the Board proposal to split the Rieter Group, the two divisions Automotive Systems and Textile Systems became separate listed companies per May 13, 2011 with their own shareholders and managements. Their independent status and focus on their respective sectors will enhance the market opportunities and development possibilities of both businesses and enable greater transparency for investors.
The former Textile Systems division continues with Rieter Holding as an independent company. Rieter Holding registered shares are traded as before on the SIX Swiss Exchange under the Rieter name (ticker symbol RIEN). For each Rieter Holding share held per reference date (May 12, 2011 after close of trading), Rieter shareholders received one Autoneum share in form of a special dividend. The new independent company Autoneum, a spin-off of the former Automotive Systems division, is listed as of May 13, 2011 on the SIX Swiss Exchange (ticker symbol AUTN).
Technological leadership and presence in growth markets
Rieter is a global market leader in short-staple spinning machinery and components, with the broadest offering worldwide, and the world’s only supplier of products and know-how covering all four final spinning processes. The company comprises two business groups: Spun Yarn Systems develops and manufactures machinery and systems for manufacturing yarns from natural and man-made fibers and combinations of the same. Premium Textile Components (PTC) offers technology components and related services under strong, globally established proprietary brand names, both for spinning mills and for third-party manufacturers. “Rieter is a strong long-standing brand name in the textile machinery market. After systematically expanding its traditional machinery business with technology components and services for short-staple spinning mills, Rieter is now a leading global supplier of related components”, says Executive Chairman Erwin Stoller. Rieter supplies technology components not only to spinning mills, but also to diverse machinery producers. This business is less prone than machinery manufacturing to the market cycles typical of the industry. Rieter has continuously strengthened its presence in the Asian growth markets in recent years to systematically build up market leadership and create sustainable value added for shareholders. The Rieter dividend policy depends on a number of different factors, taking account of which the company strives for a payout ratio of up to 30%.
Board of directors and management
As of May 13, 2011 Rieter Holding and Autoneum each have their own independent board of directors and management.
The Rieter board of directors comprises Erwin Stoller (executive chairman), This E. Schneider (vice chairman, lead director and chairman of the nomination and compensation committee), Dieter Spälti, Jakob Baer (chairman of the audit committee), Michael Pieper, Hans-Peter Schwald and Peter Spuhler.
The Rieter Group Executive Team comprises Erwin Stoller (executive chairman), Peter Gnägi (head of the business group Spun Yarn Systems), Werner Strasser (head of the business group Premium Textile Components), Joris Gröflin (CFO) and Thomas Anwander (general counsel).
For further details please refer to:
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Chief Financial Officer
T +41 52 208 70 32
F +41 52 208 70 60