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Thursday, February 22, 2024

Rieter optimistic about higher sales in 2024

Textile machinery manufacturer Rieter has reported year-on-year growth of 11 percent during the first nine months. Its sales jumped to around $1.2 billion which is equivalent to 1.1 billion Swiss francs.

Rieter is a leading Swiss industrial group specializing in machinery and systems for textile manufacturing. Founded in 1795, the company has a long history of innovation and excellence in the textile industry. Rieter’s headquarters is located in Winterthur, Switzerland.

Rieter is renowned for its spinning machinery, which is used in the production of yarns from natural and man-made fibers. Their spinning technology is widely used by textile manufacturers around the world. Rieter’s machines are known for their precision, efficiency, and reliability.

Rieter also provides a range of after-sales services to support their customers, including spare parts, training, and technical support. This ensures that their clients can operate their machinery efficiently and maintain high levels of productivity.

The group, based in the city of Winterthur, Switzerland, attributed this increase to improved delivery conditions, thanks to the relative easing of supply bottlenecks versus the comparative period. Third-quarter sales did experience an 8.8 percent decline, however.

Rieter’s machines and systems business was up 18 percent in the first nine months of 2022, bringing in $840 million or 750 million Swiss francs, while its components division experienced an 11% drop-off, taking it to $230 million (207 million Swiss francs).

On the 83 percent reduction to its year-on-year order intake, including a 44 percent decline during the latter three-month period, the company said it expected the market to have bottomed out by year’s end, ahead of a gradual recovery in 2024.

Investment in new machinery was low in all regions bar China, it continued, whereas slowed spinning mill capacity utilization had led to weakened demand for parts.

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