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

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09/29/2003 - Share repurchase via second trading line

Rieter will start its share repurchase program on September 29, 2003, via a second SWX trading line. Depending on market conditions, it is planned to repurchase shares up to the value of 50 million CHF.

As already announced on July 21, 2003, in conjunction with the successful placement of the Rieter shares held by the BZ Group, the board of directors of Rieter Holding Ltd. has decided to repurchase registered shares of the company up to a value of 50 million CHF by the 2004 annual general meeting.

A second trading line will be opened on the SWX Swiss Exchange for this purpose. Depending on market conditions, Rieter will repurchase its own registered shares via this second line as of September 29, 2003. Rieter will be the sole purchaser on this second trading line, which will remain open until March 16, 2004, at the latest. Regular trading in Rieter's registered shares under Swiss Security Number 367 144 is unaffected by this program and will continue as usual. A motion to approve the cancellation of the registered shares acquired via this second trading line and the associated reduction in share capital and amendment to the articles of incorporation will be submitted to the 2004 annual general meeting. The repurchased shares are intended solely for cancellation and the reduction of share capital, and are therefore not classified as treasury stock within the meaning of Art. 659 of the Swiss Code of Obligations.

Rieter has appointed the Cantonal Bank of Zurich, Zurich, to carry out this share repurchase program.

The terms and conditions of the repurchase program can be found in advertisements appearing on September 29, 2003, in the Swiss Official Commercial Gazette, the Neue Zürcher Zeitung and l’agefi.

The Rieter Group operates internationally, developing and producing sophisticated systems solutions for the automotive and textile industries. In the 2002 financial year Rieter generated sales of 2 976 million CHF with 12 983 employees worldwide. The Textile Systems Division accounted for 1 108 million CHF and the Automotive Systems Division for 1 848 million CHF of this total.

 
Contact for the media:


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


 
 
Contact for financial analysts:


Hans Rudolf Widmer
Chief Financial Officer
T +41 52 208 81 78
F +41 52 208 80 61
 investor@rieter.com