WINTERTHUR, Switzerland (July 17, 2008) — Forbo Holding A.G. has acquired 10.1 percent of notified Rieter Holding Ltd., which makes urethane parts, but neither company said the purchase is part of a takeover attempt.
Forbo said it controls 445,530 shares in Winterthur-based Reiter through its subsidiary, Forbo International S.A. Forbo makes belts, adhesives and flooring.
Rieter CEO Harmut Reuter had previously said, also in early May, that he did not expect the company to be a takeover target following a profits warning. Forbo—which is headquartered in Zug, Switzerland—told the Rieter directors that is the case.
Rieter supplies diverse parts to cut noise, vibration and harshness in vehicle interiors, many based on polyurethane.