Picanol Group has acquired a minority stake in Rieter Holding AG, amounting to a total of 467,236 shares for a price of €45.4 million.

With this stake in Rieter Holding AG, Picanol Group aims to further diversify its activitiesin the textile industry and secure a stable shareholding for Rieter Holding AG in the long term.

Rieter is the world’s leading supplier of systems for short-staple fiber spinning. Based in Winterthur (Switzerland), the company develops and manufactures machinery, systems and components used to convert natural and man-made fibers and their blends into yarns. Rieter is the only supplier worldwide to cover spinning preparation processes as well as all 4 end spinning processes currently established on the market. Furthermore, Rieter is a leader in the field of precision winding machines. With 15 manufacturing locations in 10 countries, the company employs a global workforce of some 4,420 people.

Picanol Group is a diversified industrial group active worldwide in the fields of mechanical engineering, agriculture, food, energy, water management, the efficient (re)use of natural resources and other industrial markets. The group's products are used in a variety of applications, industrial and consumer markets. The group has approximately 7,000 employees worldwide and it is listed on Euronext Brussels (PIC) via Picanolnv.