Cotton and Textiles Holding Company of Egypt recently signed a contract with Rieter to move forward towards this revamping process
At the Swiss-Egyptian Investment Forum which took place recently in Cairo, Egypt, the Cotton and Textiles Holding Company and Rieter signed additional contracts related to a modernisation program 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 Councillor Guy Parmelin, Head of the Federal Department of Economic Affairs, Education and Research, the contracts were signed by Dr. Ahmed Moustafa, Chairman of the Cotton and Textiles Holding Company and Dr. Norbert Klapper, CEO of Rieter Holding Ltd. The total volume of the contracts sums up to around 210 million Swiss Francs.
This includes 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.
Speaking on the occasion, Dr. Klapper said: “The next step of the program that we agreed upon today underlines the strong partnership between the Cotton and 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 make the modernisation program a success.”
Rieter is the world’s leading supplier of systems for short-staple fibre spinning. Based in Winterthur in Switzerland, the company develops and manufactures machinery, systems and components used to convert natural and manmade fibres and their blends into yarns. It is the only supplier worldwide to cover both spinning preparation processes and all four-end spinning processes currently established on the market. Furthermore, Rieter is a leader in the field of precision winding machines. With 16 manufacturing locations in 10 countries, the company employs a global workforce of some 4 590, about 21% of whom are based in Switzerland.