Saurer Closes Protective Shield Proceedings in Record Time, Part of Business Sold to Rieter

Saurer Spinning Solutions GmbH & Co. KG has sold the business lines Accotex, Temco and winding to Rieter for 300 million EUR.

  15 October 2021 15:09 Friday
Saurer Closes Protective Shield Proceedings in Record Time, Part of Business Sold to Rieter

To recap, Saurer was acquired by the Chinese Jinsheng Group in 2012 with a business transaction of around 640 million Swiss francs. In June 2021, the two Saurer segments separately filed for protective shield proceedings with the German courts, mentioning that the corona pandemic and the effects of the tariff and trade wars to have had an unexpectedly heavy impact on the businesses. Both companies had good substance and a good order situation. The German concept of protective shield allows companies to continue operative business self-managed in an orderly manner in every respect and simultaneously work on restructuring and financing for the post protective shield proceedings era together with external experts.

As the Chinese group, which owns Saurer, has fulfilled its payment obligations, allowing the protective shield proceedings to be closed in a record time of only two months. Jinsheng Group has concluded negotiations with Rieter for the acquisition of the Accotex, Temco and winding businesses. According to the transactions terminated in August, Rieter acquired these businesses at a cash price of EUR 300 million.

Saurer Spinning Solutions has a market-leading position in fully automated rotor spinning, for both virgin and recycled fibers, and considers Turkey to be one of its important markets.

According to the official statement by Saurer:

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 advance its strategic transformation in the new environment.

About Saurer

The Saurer Group, founded in 1853, is a leading, globally active technology company with a focus on machines and components for yarn production. As a company with a long heritage, textile machinery, automobiles and engines have been all important parts of the company's portfolio during the historical development of Saurer. Saurer has always been an innovation leader. Today, Saurer consists of two segments: Spinning Solutions, which offers high-quality, technologically advanced and customer-specific automated solutions for staple fiber processing from bale to yarn, and Saurer Technologies, which specializes in twisting and embroidery solutions as well as engineering and polymer solutions. With around 4 700 employees, the Saurer Group, with locations in Switzerland, Germany, Turkey, Brazil, Mexico, the USA, China, India, Uzbekistan, and Singapore, is well equipped to serve the world's textile centers. Saurer is listed on the Shanghai Stock Exchange

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