SWITZERLAND: Rieter Upbeat, No Plan For Alliances
Rieter AG Chairman Kurt Feller said in a newspaper interview published on Friday that the group was optimistic for the full year and that it had no immediate plans for cooperations with other companies."In the current business year we have succeeded in significantly improving both revenue and profits, and we are optimistic for the remainder of the year," he was quoted as saying in an interview in Swiss daily paper Der Landbote.The textile machinery and automotive components group has not ruled out select ties to other companies, but would prefer to stay independent. "We want to remain primarily independent, which doesn't rule out that we could do some cooperations if these make sense. But there are no such measures being discussed at the moment," Feller said.To meet its goal for annual revenues of 2bn francs in its textiles business, Rieter could grow both through its existing businesses, as well as through acquisitions, said Erwin Stoller, chief executive of the textile division, in the same newspaper interview.This year revenues are expected to be more than 1bn francs, up from 1999's depressed level of 750m. Revenues were at 1.2bn 1998 when the target was set.Stoller said the emphasis was on profitable growth.(C) Reuters Limited 2000.
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