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Sales soar 26.6% at Picanol Group in 2015
17
Feb '16
Advanced weaving machines producer, Picanol Group's sales soared 26.6 per cent year over year, to €529.34 million in 2015.

“In 2015, the Weaving Machines division experienced a high global demand, which meant, the group had to focus strongly on flexibility in order to handle production peaks,” a Picanol press release said.

In 2015, Picanol introduced a number of new weaving machines to the market which includes the OptiMax-i, the TerryMax-i and the TERRYplus Summum.

“This enabled Picanol to once again project itself as the technological market leader in rapier and airjet weaving machines,” the company added.

“The higher demand in the Weaving Machines division resulted in a turnover increase for the Industries business division last year,” it informed.

In 2015, Picanol's net profit rode higher at €60.6 million compared to 40.67 million in 2014.

Additionally, Tessenderlo Chemie NV contributed €25.09 million to the net result in 2015 compared to €11.73 million in 2014.

“The group closed 2015 with a net result of €85.69 million as against €52.4 million in 2014,” Picanol informed.

Picanol further added that to deal with production peaks, it is currently looking for some fifty additional employees for its production facility in Ypres.

The order book is well-filled for the first half of 2016 and for full year 2016; Picanol Group expects to realise a turnover in line with the turnover of 2013, which was the best year in the history of the group.

The board of directors will propose the payment of a gross dividend of €0.1 as in the previous year at the annual general meeting on April 20, 2016, which will realise in a total outgo of €1.77 million.

On December 16, 2015, Tessenderlo Group and Picanol Group announced their plans to combine the industrial activities of both companies into one larger group named, Picanol Tessenderlo Group NV.

The deal involves the transfer of the current industrial activities of Picanol into Tessenderlo.

The Tessenderlo board of directors would call on shareholders to issue 25,765,286 new Tessenderlo shares at €31.5, to compensate for planned transaction to Picanol NV, based on a valuation of Picanol activities at €811.6 million. (AR)

Fibre2Fashion News Desk – India

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