On 13 August 2021, Saurer Intelligent Technology Co. Ltd (listed in Shanghai, China) and Rieter Holding AG (Winterthur, Switzerland) signed an agreement with Rieter to acquire the Accotex and Temco businesses from Saurer Technologies GmbH & Co. KG and the Autoconer machine business from Saurer Spinning Solutions GmbH & Co. KG. with a purchase price of EUR 300 million. On 17 August 2021, the preliminary insolvency proceedings involving two of the German entities of Saurer were terminated.
The purchase price for the three businesses is EUR 300 million on a cash and debt-free basis. As a transition to the transaction, Rieter will acquire 57% of the shares of Saurer Netherlands Machinery Company B.V. (Amsterdam, Netherlands), the mother company of the two German entities and this deal is expected to be completed in August. The above shares acquired by Rieter will be returned to Saurer after the implementation of the transaction in six months.
In connection with the transaction, it is envisaged that Rieter will supply automatic winders to Saurer in the future. For Saurer, this transaction is an important step for the company to further develop and achieve strategic transformation in the new environment.
Following these developments, Saurer Spinning Solutions has issued a statement informing its customers that the company is terminating the protective shield proceedings. “We are pleased to inform you that already after two months we are now able to end the protective shield proceedings of Saurer Spinning Solutions GmbH & Co. KG and go back to a normal business process,” the statement reads.
“The termination of the protective shield proceedings also means that the sale and deliveries of machinery products and parts will continue as before,” according to the statement.