On June 30th, 2017, Rieter acquires from Schweiter Technologies AG the SSM Textile Machinery Division.
SSM is the leading supplier of precision winding machines In world’s dyeing, weaving and sewing thread preparation fields, and they are successful in filament yarn production.SSM is including SSM Schare Schweiter Mettler AG in Horgen and subsidiaries in Italy and China. SSM also has 12 service stations and 80 agents in all major markets in the world. In year 2016, SSM’s net sales has reached CHF 85.9 million, and achieved EBITDA margin of 14.8%.
And Rieter has generated total CHF 124.2 million for this purchasing. This gesture represents Rieter is investing in a the close field of the textile value train.
Rieter will keep SSM in its current form with its existing management, and the business of SSM will be an independent unit of Rieter's business group components.
SSM's experience in the field of precision winding will definitely offer good opportunities for Rieter in the business with short-staple spinning machines, and the acquisition will have a positive impact on earnings per share.