Textiles group Picanol takes 27.5% stake in Belgium’s Tessenderlo

08 November 2013 15:20  [Source: ICIS news]

LONDON (ICIS)--Belgium's textiles machinery group Picanol has acquired a 27.5% stake in the country's specialty chemicals producer Tessenderlo, Tessenderlo said in a brief regulatory filing on Friday.

Picanol, through an affiliate, this week acquired 8.74m Tessenderlo shares. The value of the deal was not disclosed. Tessenderlo was priced €18.92/share at 15:12 local time on the Brussels’ stock exchange.

Tessenderlo said that with Picanol it gained "a solid Belgian shareholder base supportive of the company’s longer-term strategy.”

Ypres-based Picanol is described as a worldwide supplier of solutions for the textile and other industries. It makes and sells weaving machines, among other products.

By: Stefan Baumgarten
+1 713 525 2653

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