The manufacturer of weaving machines Picanol NV, leper/Belgium, has acquired a minority stake in the textile machinery manufacturer Rieter Holding AG, Winter-thur/Switzerland, amounting to a total of 467,236 shares for a price of € 45.4 million. Rieter is considered the world's leading 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. Rieter is the only supplier worldwide to cover all 4 end spinning processes currently established on the market. Rieter has 15 manufacturing locations in 10 countries, a global workforce of some 4,420 people and realized sales of € 516 million in 2020. As a result of the transaction, Picanol Group now holds 10% of the share capital of Rieter Holding AG.
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