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Rieter gets new contracts from Cotton & Textiles Holding

04
Feb '20

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Rieter and the Cotton & Textiles Holding company have signed additional contracts related to the modernisation programme for the Egyptian textile industry, during the recently held Swiss-Egyptian Investment Forum in Cairo, Egypt. Rieter is the world’s leading supplier of systems for short-staple fibre spinning, based in Winterthur, Switzerland.

In the presence of Hisham Tawfik, minister of the public sector of the Egyptian Government, and Swiss federal councillor Guy Parmelin, head of the federal department of economic affairs, education and research, the contracts had been signed by Ahmed Moustafa, chairman of the Cotton & Textiles Holding company, and Norbert Klapper, chief executive officer of Rieter, according to Rieter.

The total volume of the contracts sums up to around 210 million Swiss Francs, including the contracts which had been signed at ITMA 2019 in Barcelona and which represent a volume of around 180 million Swiss Francs. Rieter expects the full amount of orders to be booked as order intake in the first half year of 2020. So far, 165 million Swiss Francs have been booked.

“The next step of the programme we agreed upon today underlines the strong partnership between the Cotton & Textiles Holding company and Rieter. I would like to thank our Egyptian partners for the confidence they continue to place with Rieter. We will do our best to support the Cotton & Textiles Holding company in making the modernisation programme a success,” Klapper said.

Fibre2Fashion News Desk (GK)

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