Saurer Intelligent Technology Co. Ltd., a leading Shanghai (China)-based textile company, has sold its major subsidiaries – Accotex, Temco and Autoconer – under its German entities to a Swiss textile bigwig Rieter Holding AG for € 300 million.
It’s worth noting here that Accotex and Temco were parts of Saurer Technologies GmbH & Co. KG, while the Autoconer machine business was previously taken care of by Saurer Spinning Solutions GmbH & Co. KG.
The preliminary insolvency proceedings involving two of the German entities of Saurer were terminated last week.
Rieter will now acquire 57 per cent 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 by the end of August ’21.
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.
According to Saurer, this transaction is an important step for the company to further develop and achieve strategic transformation in the new environment.
