Home / Knowledge / News / Textiles / Tessenderlo & Picanol to merge industrial activities
Tessenderlo & Picanol to merge industrial activities
17
Dec '15
Tessenderlo Group and Picanol Group will combine industrial activities of both companies into one larger industrial group which will be named Picanol Tessenderlo Group NV.

As per a Picanol press release, the deal involves the transfer of the current industrial activities of Picanol into Tessenderlo.

At an extraordinary general meeting, the Tessenderlo board will call on shareholders to issue 25,765,286 new Tessenderlo shares at €31.5, to compensate for the planned transaction to Picanol NV, based on a valuation of the Picanol activities at €811.6 million.

Picanol Tessenderlo Group (Euronext: TESB) will consist of four segments; Agro, Bio-valorisation and Industrial Solutions from Tessenderlo and Machines & Technologies segment at Picanol.

Picanol Tessenderlo Group will operate in more than 100 countries worldwide and will have a turnover of approximately €2 billion and a REBITDA of more than €200 million.

“It is the ambition of Picanol Tessenderlo Group to strengthen its prominent market position in each of the segments and to ensure a sustainable profitability,” the press release informed.

The new diversified Picanol Tessenderlo Group will have more than 7,000 employees and the proposed transaction will not impact their current employment.

The agreement will allow for the sharing of the expertise of both companies, for establishing a common sourcing policy and for the enhanced support of the R&D and innovation culture.

“Combining the respective cash flows of the two firms will not only benefit the financial independence of the company, but will also permit continued investments in talent, growth and innovation,” Picanol observed.

“This will also provide the opportunity to propose a dividend policy to the shareholders, taking into account the sustainable growth that is pursued,” the Belgium based company stated.

The boards of directors of Tessenderlo Group and Picanol Group believe that the planned transaction is in the interest of both companies and they unanimously support the deal. (AR)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 24th Jan 2017

Textile industry demands relaxation of laws from Budget

The upcoming Union Budget 2017-18 should focus on relaxing certain...

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Giorgio Mantovani
Corman S.p.A

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

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search