Rieter Receives Further Orders from Egypt

Company Performance

Rieter Receives Further Orders from Egypt

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

At the Swiss-Egyptian Investment Forum in Cairo (Egypt), the Cotton & Textiles Holding Company and Rieter signed additional contracts related to the modernisation programme for the Egyptian textile industry. 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 programme we agreed upon 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.”