Rieter Receives More Orders from Egypt

At the Swiss-Egyptian Investment Forum which took place in Cairo (Egypt), the Cotton & Textiles Holding Company and Rieter signed additional contracts related to the modernization 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 Councilor 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 & Textiles Holding Company, and Dr. Norbert Klapper, Chief Executive Officer of Rieter.
The total volume of contracts sums up to around CHF 210 million, including contracts of around CHF 180 million which were signed at ITMA 2019 in Barcelona.
Rieter expects the full amount of orders to be booked as order intake in the first half year of 2020. So far, CHF 165 million have been booked.
Very pleased at the signing ceremony, Dr. Klapper says, “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.”