Rieter Opens in China

Changzhou, China, June 4, 2007--Rieter held a grand ceremony on May 30 to celebrate its innovation technology landing in Changzhou. In the ceremony, Peter Gnaegi, Chief Executive Officer of Rieter Textile Division stated that Rieter will bring its latest scientific and technological research results to Rieter (Changzhou) Textile Instruments Co., Ltd. situated in the Changzhou National Hi-tech Development Zone.

Rieter will aim to make these products of the same level as those in Europe, both in technological complexity and quality. The new plant and production lines, expanded with new investments from Rieter, will be put into operation simultaneously. It is said that Rieter (Changzhou) Textile Instruments Co., Ltd. has achieved rapid development and good investment returns since established under the support of the local government. The total investment has increased from 6 million francs to USD22 million; the building area has grown to 32 thousand square meters, and the sales income in China has gone up to RMB163 million in 2006.

Rieter Group is an international company based in Switzerland, with operations all over the world. In 2006, its 14,500 employees created the sales of CHF 3.58 billion (about RMB23 billion). At the beginning of 2000, Rieter acquired the Changzhou company of France, ICBT, and changed its name to Rieter (Changzhou) Textile Instruments Co., Ltd., and now the most advanced facilities are all owned by Rieter.

Rieter is a world-leading supplier of equipment that converts both natural and chemical fibers into yarn. Rieter boasts the only system provider capable of providing the most optimized solutions to its customers due to its expertise in each yarn processing procedure. Rieter brings its top technology to Changzhou National Hi-tech Development Zone to produce the world-leading textile equipment characterized by high output, high efficiency and high quality, among which, its doubling machine enjoys a high share in the high-end market, winning more and more customers each year.

During the ceremony, Rieter showed its D201 doubling machine, developed by the Chinese and European R&D team, featuring speedy production, easy handling, low energy costs, other cost-saving features, et al.

Peter Gnaegi stated that Rieter will continue to extend its investment in Changzhou National Hi-tech Development Zone to promote the production capacity by 3 to 4 times in the next few years . Changzhou is an ideal location because of its solid manufacturing foundation, good vocational education availability for its workforce, and a predominantly enabling investment environment in Changzhou.

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