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Rieter Acquires The SSM

Engin Buzhttps://www.textilegence.com
After graduating from the Department of Journalism in the Faculty of Communication at Ankara University, Mr. Engin Buz completed his master's degree in Yıldız Technical University's Department of Political Science and International Relations. In 2000, he began his career as a reporter working in various publishing companies and he has prepared culture-art and economic news. Working as an editor in publications for the textile industry since 2009, Buz has started to work at Textilegence established in 2013. Engin Buz is currently preparing business news for the textile and digital printing industries prominently.

Rieter acquires The SSM Textile Machinery Division from Schweiter

On June 30, 2017, Rieter acquired the SSM Textile Machinery Division (SSM) from Schweiter Technologies AG, Horgen (Switzerland).

SSM is the world’s leading supplier of precision winding machines in the fields of dyeing, weaving and sewing thread preparation and enjoys success in individual segments of filament yarn production. In the fiscal year 2016, SSM generated net sales of CHF 85.9 million with 246 employees and achieved an EBITDA margin of 14.8%.

The purchase price amounts to CHF 124.2 million, consisting of an enterprise value of CHF 100.0 million and liquid funds. Rieter is financing the purchase price from existing funds. The acquisition will have a positive impact on earnings per share.

Rieter acquires The SSM from CHF 124.2 million

SSM comprises the companies SSM Schärer Schweiter Mettler AG in Horgen and subsidiaries in Italy and China. SSM is also represented worldwide with twelve of its own service stations and 80 agents in all major markets.

With this acquisition, Rieter is investing in adjacent fields of the textile value chain. SSM has a strong brand and generates stable cash flows with an attractive EBITDA margin. SSM’s expertise in the field of precision winding offers opportunities for Rieter in the business with short-staple spinning machines. Rieter will continue to operate SSM in its current form and with the existing management. The business will be attached to the Business Group Components as an independent unit.

Rieter acquires The SSM Textile Machinery Division
Rieter acquires The SSM Textile Machinery Division

The Rieter Group will today make a statement on the acquisition during a telephone conference at 1 pm (CEST) and will be available for questions. Rieter will provide information on the current business situation in the semi-annual report on July 20, 2017.

Rieter acquires The SSM Textile Machinery Division from Schweiter. On June 30, 2017, Rieter acquired the SSM Textile Machinery Division (SSM) from Schweiter Technologies AG, Horgen (Switzerland).

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