Tessenderlo Group has announced aquired Picanol Group.
Picanol Group is a leading manufacturer of textile machinery and a major player in the global textile industry. The company, headquartered in Belgium, has a long-standing history of innovation and quality in the field of weaving technology. With a workforce of over 2,600 employees, Picanol has operations in Europe, Asia, and the Americas.
Tessenderlo Group, headquartered in Belgium, is a global industrial group with operations in over 100 countries and a team of over 7,000 employees. In 2021, the group recorded consolidated revenue of €2.1 billion, or €2.7 billion pro forma revenue including Picanol Group.
The acquisition of Picanol Group by Tessenderlo Group marks a significant milestone for both companies. For Tessenderlo Group, the acquisition will further strengthen its position as a leading player in the global industrial solutions market. With Picanol Group's expertise in textile machinery, Tessenderlo Group will be able to expand its portfolio of industrial solutions and offer its customers a wider range of products and services.
The acquisition of Picanol Group by Tessenderlo Group is expected to have a positive impact on both companies and the global textile industry as a whole. The combined strengths of these two leading players in the industrial solutions market will create new opportunities for growth and innovation, benefiting customers, employees, and shareholders alike.
