Leader Group Wins Big Orders From Egypt
Cooperation involves 7 projects
Orders relate to Rieter compact spinning and ring spinning systems
The total order amount is about 180 million Swiss francs
Order entry is expected to be completed in 2019; Sales will be included in the 2020/2021 fiscal year
On ITMA 2019, Rieter Group signed a series of sales contracts with Cotton&Textile Industries Holding Company from Cairo, Egypt, involving a total of 7 projects, with a total project amount estimated to be 180 million Swiss francs. The delivery of compact spinning and ring spinning systems involved in the contract is expected to be completed in the next two years. This order is part of Egypt's local textile industry modernization project. The order of the whole project is expected to be completed in 2019, and the sales will be included in the 2020/2021 fiscal year.
Dr. Ahmed Moustafa Mohamed, Chairman of Cotton&Textile Industries Holding Company, and Dr. Nobert Klapper, CEO of Rieter Group completed the signing of this contract at the ITMA exhibition site in Barcelona, Spain.
Dr. Nobert Klapper was very pleased with the signing of this project: "We sincerely thank our Egyptian partners for their trust in Rieter and for reaching cooperation with Rieter on this project! Rieter has been a partner of Egypt's textile industry for decades. We are very honored to take this opportunity to contribute to the modernization process of Egypt's textile industry!"
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