Rieter Group, Swiss Firm, Posts a 7% Gain in Sales
GENEVA -- The Rieter Group, a major Swiss supplier of spinning machinery, said its spinning systems division posted a 7 percent increase in orders to $347.6 million (444 million Swiss francs) in the first seven months of 1994, compared with 415...
GENEVA -- The Rieter Group, a major Swiss supplier of spinning machinery, said its spinning systems division posted a 7 percent increase in orders to $347.6 million (444 million Swiss francs) in the first seven months of 1994, compared with 415 million francs in orders recorded in the same period a year earlier.
In the January-July period, orders for its chemical fiber systems division were also up by 11 percent to $140.9 million (180 million francs), Rieter said in a report to shareholders.
But largely as a result of lower orders in the second half of 1993, lower prices and negative currency exchange rates, sales for Rieter's spinning systems in the first seven months of this year fell 23 percent to $283.4 million (362 million francs) against 473 million francs.
"The decline will be recouped to some extent in the second half of the year, but sales and results for 1994 as a whole will nevertheless turn out lower than last year," said Heinrich Steinmann, chairman of Rieter, which is based in Winterthur.
Rieter said the upturn in orders was due to the success of new products launched last year.
Sales for chemical fiber systems in the first seven months of 1994 increased 11 percent to $146.4 million (187 million francs) from 170 million francs a year earlier.
Consolidated sales for the Rieter group in the seven months fell 8 percent to $699 million (893 million francs), from 966 million francs a year ago.
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