Order Intake for Major Project from Egypt Booked

At ITMA 2019, the Rieter Group signed contracts for seven projects with Cotton & Textile Industries Holding Company, Cairo (Egypt), for a total volume of around 180 million Swiss francs.

The order intake for the first six projects in the amount of around 165 million Swiss francs was booked upon receipt of the down payment on October 7, 2019; sales are expected to be realized in financial years 2020/2021. The order includes deliveries of compact and ring spinning systems and is part of a comprehensive modernization program for the Egyptian textile industry.

Ministery of Public Sector Cotton & Textile Industries Holding Company of Egypt had kicked off the implementation of a major modernization program at ITMA Barcelona. The program, supported by the president of Egypt, Abdul Fatah Al-Sisi and Minister of Public Enterprises, Dr. Hisham Tawfik, aims to upgrade Egypt’s upstream textile industry to support its competitiveness to become a major regional sourcing hub in the Mediterranean region.

The restructuring program performed and supervised by Werner International aims to restore Egypt’s prominent position in the world markets, capitalizing on the global renown fine Egyptian Cotton fibre.

The total value of the program is approximately 1 Billion Euros, which includes around 780 000 new spindles and 1250 new looms, dyeing, printing and finishing machinery and state-of-the-art cutting and sewing equipment.

During ITMA, contracts had awarded for the first phase of the modernization program to seven textile machinery suppliers: Benninger (including Thies and Brueckner), EFI Reggiani, ITEMA, Karl Mayer, Marzoli, Rieter and Savio. The contracts had signed at the ITMA in Barcelona, Spain, by Dr. Ahmed Moustafa Mohamed, Chairman Cotton & Textile Industries Holding Company, and Dr. Norbert Klapper, CEO Rieter.