Tessenderlo to acquire Picanol for £1.123bn.

Tessenderlo, a specialty company, focused on food, agriculture, water management and on valorizing bio-residuals, agreed to acquire Picanol, an customer-oriented group specialized in the development, production and sale of weaving machines, for £1.123bn. Sustainable development will remain a high global priority as both Tessenderlo and Picanol have pursued this in recent years, relying on successfully identifying opportunities and gradually improving operational performance. The effective R&D approach and the innovative culture of Picanol as well as a common sourcing policy can contribute to the combined profitability of the new industrial group.