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 EUR (or a price per share of 107.5 CHF). Rieter is 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.

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 activitiesin 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).