Picanol Group acquires minority stake in Rieter
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.
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 worldâ€™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 worldâ€™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.