Business

Picanol Group Acquires Minority Stake In Rieter Holding Ag

Picanol Group has acquired a minority stake in Rieter Holding AG (SWX: RIEN), amounting to a total of 467,236 shares for a price of 45.4 million euro (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% 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. Picanol Group will announce its financial results for 2020 on March 25, 2021 (before opening of the stock exchange).