Rieter Automotive to become Autoneum

Shareholders of Switzerland’s Rieter Group have approved a proposal to separate its Textile Systems and Automotive Systems divisions into two distinct listed companies with independent ownership and management.

The move is aimed at enabling the two divisions to operate with greater strategic flexibility and position themselves more clearly in their respective markets. The group will distribute the shares of the entity holding the business of its Automotive Systems division to its shareholders in the form of a special dividend. The name of the new company will be Autoneum Holding and listed on the SIX Swiss Exchange as of mid-May 2011.