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 debtfree 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.