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Exhibition Status Update!

With 3 weeks until SHOWTIME, the 20th Anniversary edition welcomes an All-Star cast of new and returning exhibitors, making up the largest DOMOTEX asia/CHINAFLOOR to date. Due to high demand in all product...

Global designers to exhibit at Luxury Br…

Designers from Europe, Middle East and North America will exhibit at the upcoming Luxury Brands Carpet Show. The second edition of the curated Luxury Brands exhibition and designer carpet collection is scheduled to...

H&M to dress Swedish teams for Olymp…

Hennes and Mauritz Group (H&M) will dress the Swedish teams for the Winter Olympics and Paralympics in PyeongChang 2018. The company will create outfits for the opening and closing ceremonies. The collection will...

Saurer to show Allma TechnoCorder TC2 at…

Saurer Technologies GmbH & Co. KG Twisting Solutions, a leading provider of energy efficient solutions for tire cord, carpet, staple, glass filament, and industrial yarns, will present its Allma TechnoCorder TC2 innovative machine...

Cone Denim and Unifi launch S Gene with …

Cone Denim and Unifi have launched the latest in advanced stretch technology - S Gene with Repreve . Combining the advanced stretch technology of S Gene with the superior sustainability and performance of...

Shima Seiki to partake in Premiere Visio…

Leading computerised knitting machine developer, Shima Seiki Mfg., Ltd., is set to participate at the Premiere Vision show, a global event for fashion professionals, to be held in Paris, from February 13 to 15, 2018...

Measurably more productive and econom- i…

Even if the winding machine is only responsible for about 10-15% of the energy consumption (compressed air and electrical energy) when considering the classic ring spinning process, these criteria play an important role...

Wool to dominate at Intertextile Shangha…

Some 3,300 exhibitors from around 20 countries covering all apparel fabrics and accessories product groups are expected at the Spring Edition of the industry’s most comprehensive sourcing platform for the spring/summer season, Intertextile...

Picanol acquires stake in Tessenderlo Chemie


(Belgium)

SNPE SA and Picanol Group have signed on 25 July 2013 a binding agreement for the sale by SNPE SA to the Picanol Group of a stake held by SNPE SA in Tessenderlo Chemie NV, representing 27.6% of the share capital of Tessenderlo Chemie NV for a price per share of EUR 22.

SNPE SA, for 99.9% owned by the French state, has 27.6% or the equivalent of 8,744,069 shares of Tessenderlo Chemie NV. Tessenderlo Chemie NV is a worldwide specialty company, focused on food, agriculture, water management and on valorising bio-residuals.  The Tessenderlo group employs about 7,000 people and is a leader in most of its markets, with a consolidated revenue of 2.1 billion EUR in 2012. Tessenderlo Chemie NV is listed on NYSE Eurolist by Euronext Brussels (TESB) and is part of Next 150 and BEL Mid indices.

This transaction is subject to regulatory approval, more in particular competition clearance. The transaction is expected to close at the latest on 8 November 2013.  Following the closing of this transaction, SNPE SA will no longer own any share in Tessenderlo Chemie NV.

With the participation in Tessenderlo Chemie NV, the Picanol Group wants to increase the diversity and geographical spread of its activities, in order to better protect itself against the cyclical weaving machine business in which it operates today.  Another objective of the participation is to secure a stable shareholding for Tessenderlo Chemie NV and to promote the development of the strategies used by Tessenderlo Chemie NV.  With the participation, the Picanol Group is also ensuring the sustainable anchoring of an industrial group in Flanders and Belgium.

In the coming years, the Picanol Group will continue to focus on its strategy of further developing the Weaving Machines and Industries divisions. R&D and product innovation will continue to play a central role in the further development of the high-tech activities of the group.


Picanol

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Kohan Textile Journal

Middle East Textile Journal

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