#Spinning

2020-02-05

Further orders from Egypt

At the Swiss-Egyptian Investment Forum which took place today in Cairo (Egypt), the Cotton & Textiles Holding Company and Rieter signed additional contracts related to the modernization program for the Egyptian textile industry.

Contracts for additional projects signed in Cairo?

Order volume is around 30 million Swiss francs?

Order intake in the first half year of 2020 expected

In the presence of H.E. Hisham Tawfik, Minister of the Public Sector of the Egyptian Government, and Swiss Federal Councilor Guy Parmelin, Head of the Federal Department of Economic Affairs, Education and Research, the contracts had been signed by Dr. Ahmed Moustafa, Chairman of the Cotton & Textiles Holding Company, and Dr. Norbert Klapper, Chief Executive Officer of 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.

Dr. Klapper was very pleased at the signing ceremony: “The next step of the program 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 modernization program a success.”

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