Home / Knowledge / News / Textiles / Picanol sells U.S. Steel Heddle operations to Groz-Beckert
Picanol sells U.S. Steel Heddle operations to Groz-Beckert
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 27th Apr 2017

Maharashtra govt working on second textiles policy

The textiles department of the government of Maharashtra is working...

Apparel/Garments | On 27th Apr 2017

EC takes action to make garment sector more sustainable

The European Commission (EC) has presented a set of focused actions...

Textiles | On 27th Apr 2017

Seven new organisations join ZDHC Programme

The Zero Discharge of Hazardous Chemicals (ZDHC) Programme from...

Interviews View All

Rahuul Jashnani

‘Online economy has changed the whole dynamics of buying habits.’

Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Silke Brand-Kirsch
Schlegel und Partner

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Judy Frater
Somaiya Kala Vidya

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
April 2017

April 2017

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


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search