Picanol Group has today acquired a minority stake in Rieter Holding AG amounting to a total of 467,236 shares for a price of 45.4 million EUR Rieter is the world’s leading supplier of systems for short-staple fiber spinning.
The company develops and manufactures machinery, systems and components used to convert natural and man-made fibers into yarns.
As a result of the transaction, Picanol Group is now holding 10% of the share capital of Rieter Holding AG.
With the financial participation in Rieter Holding AG, Picanol Group wants to further diversify its activities in the textile industry and secure a stable shareholding for Rieter Holding AG in the long term.
Rieter is the supplier of systems for short-staple fiber spinning. Based in Winterthur (Switzerland), the company develops and manufactures machinery, systems and components used to convert natural and man-made fibers and their blends into yarns.
Picanol Group is a diversified industrial group and it is active worldwide with a consolidated turnover of 2.2 billion EUR in 2019.
Picanol Group has approximately 7,000 employees worldwide and it is listed on Euronext Brussels (PIC) via Picanol NV.
