Belgium : Picanol acquires 1mn shares in Tessenderlo Chemie

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Picanol acquires 1mn shares in Tessenderlo Chemie

27
Oct '16

The Picanol Group has acquired, through its subsidiary Verbrugge nv, a block of 1 million shares in Tessenderlo Chemie nv at a price of €28.92 per share. As a result of the transaction, Verbrugge nv and Symphony Mills nv (both controlled by Luc Tack) now hold 39.63 per cent of the share capital of Tessenderlo Chemie or the equivalent of 17,046,761 shares.

The Picanol Group is an international, customer-oriented group specialised in the development, production and sale of weaving machines (division Weaving Machines), engineered casting solutions and custom-made controllers (division Industries). In 2015, the Group posted a consolidated turnover of €529.34 million.

Tessenderlo Chemie is a Belgium-based chemicals, plastics and gelatins manufacturer and distributor. Its activities are divided into following sectors: Inorganics segment features the supply of products primarily to agricultural end markets; Plastic Pipe Systems and Profiles develops, produces and distributes pipes and fittings for water management supply, drainage, infiltration and attenuation, among others; Gelatin & Akiolis produces gelatins, collects used vegetable cooking oils from restaurants or distributors, products based on grain crops from the food industry, which are used in the production of animal feed; Tessenderlo Kerley is a specialty fertiliser company that has over time evolved to provide a wide array of solutions for agriculture, refineries, mining, and water treatment; and Other Businesses. (RKS)

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