Saurer : Insolvency proceedings of 2 German c...

Insolvency proceedings of 2 German companies terminated

(Source: Saurer)
(Source: Saurer)

As reported last week, Schlafhorst automatic winder, Accotex and Temco will be transferred from Saurer to Rieter. On August 13, 2021, Rieter Holding Ltd., Winterthur/Switzerland, and Saurer Intelligent Technology Co. Ltd., Shanghai/China, signed an agreement by which Rieter will acquire 3 businesses from Saurer Netherlands Machinery Company BV, Amsterdam/Netherlands, the parent company of Saurer Spinning Solutions GmbH & Co. KG, Uebach-Palenberg/Germany and Saurer Technologies GmbH & Co. KG, Krefeld/Germany.

In this context, the preliminary insolvency proceedings involving 2 of the German entities of Saurer were terminated on August 17, 2021.

The purchase price for the 3 businesses is € 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 Co., the parent company of the 2 German entities and this deal is expected to be completed in August. The above-mentioned shares acquired by Rieter will be returned to Saurer after the implementation of the transaction in 6 months.

In connection with the transaction, it is envisaged that Rieter will supply automatic winders to Saurer in the future.

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