Picanol Group Acquires Minority Stake In Rieter Holding AG

IEPER, Belgium — March 16, 2021 — 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 euros (or a price per share of 107.5 Swiss francs). Rieter is a 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 percent 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.

Financial Calendar

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

Posted March 16, 2021

Source: Picanol Group