Home / Knowledge / News / Textiles / Rieter shareholders agree to split of the Rieter Group
Rieter shareholders agree to split of the Rieter Group
14
Apr '11
Shareholders at 120th Annual General Meeting of Rieter Holding Ltd approved all proposals by the Board of Directors, also including a split of the Rieter Group by separating the Textile Systems and Automotive Systems divisions into independent listed companies. They furthermore voted Erwin Stoller to the Board of Directors for another 3-year term of office.

The 120th Annual General Meeting of Rieter Holding Ltd was attended by 813 shareholders representing 51% of share capital. They approved all Board proposals, the Annual Report with the annual accounts and consolidated financial statements for 2010, formal discharge of the Board of Directors and Group management team members for the business year 2010, and change of company purpose required in connection with the Group split. Consultative approval of the Compensation Report was confirmed by some 90% of those present. Shareholders furthermore voted Erwin Stoller to the Rieter Board of Directors for another 3-year term of office.

Board Chairman Erwin Stoller opened the meeting by pointing out its historical importance: shareholders were asked to approve a split of the Rieter Group by separating the textile machinery and automotive supply businesses into independent listed companies. 99% of shareholders present approved this proposal, which included payment of a special dividend to Rieter Holding Ltd shareholders in the form of registered shares in Autoneum Holding Ltd.

After approval, Erwin Stoller told shareholders: “You have just set one of the most important milestones in Rieter's history. Now our automotive supply business will be listed on the stock exchange under the name of Autoneum Holding Ltd, most likely as of May 13, 2011, and make its own way forward. I am convinced that both our automotive supply and textile machinery businesses are well positioned for a successful independent future”.

Rieter Holding Ltd, an independent company listed on the SIX Swiss Exchange, will continue the existing business of Rieter's Textile Systems division, focusing thereby on its traditional business of spinning machinery and technology components.

Rieter Holding Ltd


Must ReadView All

Uzbekistan wants joint ventures with Hungarian textile firms

Textiles | On 20th Feb 2018

Uzbekistan wants joint ventures with Hungarian textile firms

Uzbekistan has offered Hungary to create joint ventures in the two...

Vietnam’s textile & garment exports up 10.68% in 2017

Textiles | On 20th Feb 2018

Vietnam’s textile & garment exports up 10.68% in 2017

Vietnam came very close to achieving its 2017 textile and garment...

From left: Tania Polonnowita Wettimuny, MD, Hellmann Sri Lanka; Bart de Vries, Global COO Air & Sea Hellmann; Deshamanya Mahesh Amalean, Chairman, MAS Holdings; & Shirendra Lawrence, COO, MAS Holdings

Textiles | On 20th Feb 2018

Hellmann and MAS form joint venture HMSC

Hellmann Worldwide Logistics and MAS Holdings have formed Hellmann...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search