Sign in | Join free

Rieter to double chinese workforce in two years

Rieter to double chinese workforce in two years Source:
Date: 22-03-2012
Visits: 225
Very Poor

Rieter Holding AG (RIEN), a Swiss textile machinery-maker, will double its workforce in China to 1,800 employees over the next two years to expand in Asia, Chairman Erwin Stoller said.

Rieter may also increase staff in India by about 25 percent to 2,000 in the same period, Stoller said in an interview today at Rieter’s annual results conference in Winterthur, where it’s based.

The company got about a third of its 2011 sales from China and India. Rieter today said earnings before interest and tax rose to 112.6 million francs ($123 million) last year, missing the 123.6 million-franc average of seven analysts’ estimates compiled by Bloomberg. The stock fell as much as 11 percent.

Rieter must manufacture machinery in India and China or face being undercut by competitors in those countries who do not have to pay import taxes, Stoller said. The new hires in China and India will not affect Swiss staff numbers, he said.

The company had 4,695 employees at the end of December.

like 324 Unlike 36
Users Comments
No comments to display
Are you sure you want to delete this comment.
Add your comment
User Name:
Email: Will not be published
Rate This article:
Maximum 3500 characters
Your name
Your email address
Your friend email address
  • /images/ourservices/125-600/pricetrend.jpg
  • /images/ourservices/125-600/product.jpg
  • /images/ourservices/125-600/videos.jpg
Suntex Asia Limited
32367 Users
have already joined Shouldn't you?
Full registration will provide you access to all our free services. It takes only one minute and it is free Go here
Quick registration (it's free)
Accesss to some of our free services
Select membership
Full Name
User Name
Enter the code
(Note: If you can't read the letters, reload the page to generate a new one.)
terms and conditions
Members Login
Already registered
Forgot your password
golden fees
Enter your e-mail address
Choose your room