WINTERTHUR - Textile machinery supplier Rieter is to cut up to 600 jobs as it looks to reduce its overall operating costs amid weakening demand for its spinning technology.
Reporting a 22% increase in sales to CHF 758.2 million ($869 million) for the first half of 2023, Rieter said it was responding to a challenging market situation over the past two years, which was marked by severe disruptions in the global supply chain in conjunction with rising material, energy, labour and production costs.
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