Home / Knowledge / News / Textiles / Picanol sells U.S. Steel Heddle operations to Groz-Beckert
Picanol sells U.S. Steel Heddle operations to Groz-Beckert
21
Sep '11
The Picanol Group announced it has signed an agreement regarding the sale of the Steel Heddle activities of GTP Greenville to Groz-Beckert KG. GTP Greenville, a Greenville US-based subsidiary of the Picanol Group, is specialized in the production of heddles, drop wires, frames and reeds under the brand name Steel Heddle, and currently employs 130 people.

Under the terms of the agreement, Groz-Beckert KG has taken over all shares of GTP Greenville (Steel Heddle division) as of 20 September 2011.

The transaction involves all employees currently working at GTP Greenville (Steel Heddle division). The Picanol Group will however transfer the production of section frames and special heddles for the PMC (paper making cloth) industry to Burcklé, a subsidiary of the Picanol Group in France. Burcklé will be further developed into an accessories center for reeds, section frames and twin wire heddles within the Picanol Group.

The Picanol Group acquired Steel Heddle in 2001 and developed its wholly owned US-based subsidiary into a global player in the field of weaving accessories.

Although Steel Heddle continued to contribute to the cash flow of the Picanol Group, the acquisition by Groz-Beckert KG offers better perspectives for Steel Heddle in terms of future growth opportunities. The Steel Heddle products will complement the existing product portfolio of Groz-Beckert KG.

The Picanol gravity point in Greenville, responsible for sales and service of Picanol weaving machines and spare parts in the US will continue its operations under a new legal entity, Picanol of America Inc.

The activities of GTP Greenville (Steel Heddle division) that have been taken over by Groz-Beckert KG contributed less than 3.5% to the 2010 consolidated turnover of the Picanol Group. The transaction will result in a non-recurring capital gain of 0.6 euros per share. There is no material impact on the company's previously announced 2011 turnover outlook.

For more than 150 years, Groz-Beckert has supported the machine builders and end-users in the textile industry. During this period, Groz-Beckert has developed from being purely a manufacturer of Knitting Machine Parts into the most important system supplier of precision components in the field of textiles and beyond.

Step by step, the company has branched out into the business sectors of Sewing Machine Parts, Felting and Structuring Needles and Gauge Parts Tufting – complemented most recently by the important sector of Weaving Machine Parts, Weaving Preparation and Knitting Cylinders.

The Picanol Group is an international, customer-oriented group specialized in the development, production and sale of weaving machines and other high-technology products, systems and services.

The Picanol Group

Must ReadView All

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search