Rieter expects machinery market to pick up next year
Textile machinery developer Rieter has reported year-on-year growth of 11% for the first nine months, achieving sales of around $1.2 billion or 1.1 billion Swiss francs.
The group, based in the city of Winterthur, Switzerland, attributed this increase to improved delivery conditions, thanks to the relative easing of supply bottlenecks versus the comparative period. Third-quarter sales did experience an 8.8% decline, however.
Rieter’s machines and systems business was up 18% on the first nine months of 2022, bringing in $840 million or 750 million Swiss francs, while its components division experienced an 11% drop-off, taking it to $230 million (207 million Swiss francs).
On the 83% reduction to its year-on-year order intake, including a 44% decline during the latter three-month period, the company said it expected the market to have bottomed out by year’s end, ahead of a gradual recovery in 2024.
Investment in new machinery was low in all regions bar China, it continued, whereas slowed spinning mill capacity utilisation had led to weakened demand for parts.
