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10 percent of Rieter Holding shares were sold to Picanol Group

Emre Yolerihttps://www.textilegence.com
After completing his high school education in College St.Vincent in Belgium, Emre Yoleri returned to Turkey and has begun his university education at Gazi University, Department of Labor Economics and Industrial Relations. He left this department and completed Eskişehir Anadolu University Faculty of Business Administration. He is currently pursuing an MBA at Bahçeşehir University. Emre began his career in 2005 working in customer relationship, strategy planning and reporting departments in public and private sector companies and managed several projects. Yoleri has been working in international relations, project development, organization and writing at NEFA PR agency since 2015.

Serving in many different sectors around the world, Picanol Group signed an agreement that acquired 10% of the capital of Rieter Holding AG, one of the leading supplier of systems for short-staple fiber spinning, for 45 million euro. One of the leading manufacturers of weaving machines, Picanol holds a minority share in Rieter Holding AG with a total of 467 shares with this acquisition that corresponds to 107.5 CHF per share.

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

As a diversified industrial group, Picanol operates worldwide in mechanical engineering, agriculture, food, energy, water management, the efficient (re)use of natural resources, and other industrial markets. The group achieved a consolidated turnover of 2 billion euro in 2019.

Picanol has produced more than 100 thousand weaving machines with 45 years of experience

In May 2020, Picanol realised another important milestone when the 100,000th rapier weaving machine rolled off the production line at its plant in Ieper, Belgium. At the same time, the group celebrated 45 years of manufacturing rapier weaving machines last year. With around 7000 employees worldwide, Picanol is also listed in Euronext Brussels (PIC) via Picanol nv.

10 percent of Rieter Holding shares were sold to Picanol Group
10 percent of Rieter Holding shares were sold to Picanol Group

Rieter is a global technology manufacturer in spinning

Switzerland-based Rieter develops and manufactures machinery, systems and components used to turn natural and synthetic fibers and their blends into yarn. Achieving a consolidated turnover of 516 million euro in 2020, the company is the only supplier worldwide of spinning preparation processes and the 4 end spinning processes currently established on the market. In addition, as a leader in the field of precision winding machines, Rieter has a global workforce of approximately 4 thousand people with 15 manufacturing locations in 10 countries.

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