USTER, SWITZERLAND — A management buyout of the Zellweger Uster division of Zellweger Luwa was approved by the European Union Commission on Jan. 21.
The new entity, Uster Technologies, will continue to provide quality control and measuring systems for the textile industry.
Participating in the new business are investment companies CapVis and Quadriga Capital. Senior management of the former Zellweger Uster has taken a minority share. All 470 employees are included in the transaction, officials said.
Uster’s headquarters and production center remain here, near Zurich.
The division was bought for $118.5 million, excluding an earn-out of $11.1 million. The company recorded sales of $117 million in 2001.
“Now that the deal is closed, we will concentrate on the further development of our business,” said Geoffrey Scott, CEO of Uster Technologies. “We will pay even closer attention to our customers’ needs and focus on customer-oriented services and innovative technologies.
“In the near future, we intend to achieve significant growth. The reasons for this are increased entrepreneurial potential, future-oriented new developments that will bring growth in new market areas and the USTER® brand, which is very well established worldwide.”
Uster Technologies develops new technologies for the textile industries that set worldwide standards, Scott added. For example, with the USTER® FABRISCAN for automatic fabric inspection, Uster Technologies has established a favorable position in an important market area, he noted. Its leading position will be further consolidated with the development of new quality control systems, he added.
A strong position has also been established in the United States with USTER® INTELLIGIN, a system to optimize gin process control, Scott reported. Uster Technologies is also a leader in quality control for fiber and in the production of cotton, worsted and filament yarns, he said.
Uster Technologies has achieved its strong market positions through continual investment in research and development, he added. Most products are less than three years old, and Uster Technologies holds several hundred patents worldwide, he said.
The company intends to continue to further expand with new product lines to Asia, one of the fastest-growing markets, Scott said. Currently, 60 percent of exports already go there.
