Rieter will inform the law enforcement authorities that there is no interest in continuing the criminal proceedings any further.

The board of directors welcomed the fact that a joint solution was found that is in the best interests of Rieter and Picanol, both of which are among the world’s leading textile machinery manufacturers.

According to Luc Tack, the Picanol Group (Belgium) will remain a shareholder of Rieter.

Rieter recently acquired three businesses of China’s Saurer Intelligent Technology Co Ltd for €300 million on a cash and debt free basis.

Fibre2Fashion News Desk (KD)