Groz-Beckert Acquires Picanol's Steel Heddle Activities
Textile machinery components supplier Groz-Beckert KG, Germany, recently acquired the activities of
GTP Greenville (Steel Heddle division), a subsidiary of weaving machinery manufacturer Picanol
Steel Heddle, acquired by Picanol in 2001 and a consistent contributor to Picanol's cash flow, is a global supplier of weaving accessories including drop wires, heddles and frames. According to Picanol, the division's product line complements Groz-Beckert's product portfolio, and will benefit from better growth opportunities under the new ownership.
The acquisition involves all GTP Greenville (Steel Heddle division) employees. Picanol has transferred section frame and special heddle production for the papermaking cloth industry from Steel Heddle to its France-based Burcklé subsidiary, which going forward will be expanded further as a supplier of accessories including reeds, section frames and twin wire heddles for Picanol's weaving machinery.
Picanol's remaining Greenville activities have been reorganized into a new company, Picanol of America Inc., which will continue to serve the U.S. market offering sales and service for Picanol weaving machinery and spare parts.