Picanol Group to acquire a 10% stake in Rieter Holding for $54m.

Picanol Group, a diversified industrial group, agreed to acquire a 10% stake in Rieter, a supplier of systems for short-staple fiber spinning based in Winterthur, Switzerland, for $54m. With the financial participation in Rieter, Picanol Group wants to further diversify its activitiesin the textile industry and secure a stable shareholding for Rieter in the long term.