Picanol Group acquires minority stake in Rieter

Picanol Group recently acquired a
minority stake in Rieter Holding AG , amounting to a  total of 467,236 shares for a price of 45.4
million EUR (or a price per share of 107.5 CHF). Rieter is the  world’s leading supplier of systems for
short-staple fibre spinning. The company develops and  manufactures machinery, systems and components
used to convert natural and man-made fibres into  yarns.

As a result of the transaction, Picanol
Group is now holding 10 per cent of the share capital of Rieter Holding  AG. 

With the financial participation in
Rieter Holding AG, Picanol Group wants to further diversify its  activitiesin the textile industry and secure
a stable shareholding for Rieter Holding AG in the long term.

Picanol Group will announce its
financial results for 2020 on March 25, 2021 (before opening of the  stock exchange). 

Rieter is the world’s leading
supplier of systems for short-staple fibre spinning. Based in  Winterthur (Switzerland), the company
develops and manufactures machinery, systems and  components used to convert natural and
man-made fibres and their blends into yarns. Rieter is the  only supplier worldwide to cover spinning
preparation processes as well as all 4 end spinning  processes currently established on the
market. Furthermore, Rieter is a leader in the field of precision  winding machines. With 15 manufacturing
locations in 10 countries, the company employs a global  workforce of some 4,420 people. Rieter
realised a consolidated turnover of 516 million EUR in 2020.

Picanol Group is a diversified
industrial group and it is active worldwide in the fields of mechanical  engineering, agriculture, food, energy, water
management, the efficient (re)use of natural resources  and other industrial markets. The group’s products
are used in a variety of applications, industrial and  consumer markets. Picanol Group realised 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.