Rieter Group Sees First Half Profits Surge

Winterthur, Switzerland, July 27, 2011 --  The Rieter Group reported a profit of $113 million in the first half of the year, compared to $9.3 million in the first half of 2010.

Sales increased by 66% to $672 million, the company said.

The company said it has completed the separation of the Rieter Group into two independent companies focusing on textile machinery and automotive components supply.

Spun Yarn Systems received new orders to the value of $690 million in the first half.

This figure was 12% lower than a year earlier, but was still at an above-average, the company said.