The Rieter Group has completed the acquisition of a 25 per cent stake in Electro-Jet on December 14, 2018, upon approval by the Spanish antitrust authority. Rieter is a leading supplier of systems for short-staple fibre spinning in Switzerland. Electro-Jet provides industrial machinery for the textile sector and offers machines used to transport textiles.
On July 18, 2018, Rieter has signed a contract to acquire 25 per cent of Electro-Jet, thus, strengthening the ring spinning system. The company, based in Gurb (Spain), generated annual sales of around €25 million in 2017 and employs around 135 people. The joint development of innovative products is also planned as part of the strategic partnership, Rieter said in a press release. (GK)
Fibre2Fashion News Desk – India