Rieter and Saurer Intelligent Technology Co. Ltd. signed an agreement by which Rieter will acquire three businesses- Schlafhorst, Accotex and Temco from Saurer Netherlands Machinery Company B.V. – the parent company of Saurer Spinning Solutions GmbH & Co. KG and Saurer Technologies GmbH & Co. KG.
Rieter now have complete machinery product line in ring and compact yarn spinning with the acquisition of Schlafhorst automatic winder business. Additionally, Rieter has also brought the component businesses of Accotex and Temco. The deal value of the transaction is EUR 300 million in cash and debt free basis as per Rieter.
Under Saurer, these three businesses had a combined turnover of EUR 142 million in 2020 while in 2019 and 2018, the combined turnover of this businesses were at EUR 235 million and EUR 260 million respectively.
Rieter and Saurer expect to close the transaction within a month while implementation shall be completed in next six to nine months. Further, it is envisaged that Rieter will supply automatic winders to Saurer in the future.