As a weaving machine manufacturer, Picanol has a long-standing commercial relationship with the controlling shareholder of Saurer Intelligent Technology Co. Ltd. In that capacity, it investigated how it could work with the controlling shareholder to save the European operations of Saurer Intelligent Technology Co. Ltd. that had encountered financial difficulties. However, the discussions have not led Picanol to make a formal offer for the purchase of assets or businesses.

In this context, Picanol Group provided a 20 million EUR credit loan to Saurer Technologies GmbH & Co, whilst not obtaining any preferential rights for the purchase of assets or businesses.

In addition, upon learning of the financial problems at Saurer, Luc Tack had also informed the CEO of Rieter that this might also represent an opportunity to further strengthen Rieter by acquiring certain parts.

Luc Tack and Stefaan Haspeslagh respected at all times the rules of governance applicable in the framework of any potential conflict of interest when deliberating or taking decisions on this matter. They neither participated at Rieter in the deliberations nor in the decisions concerning the acquisition of parts of Saurer in the framework of corporate governance nor did they take access to or use information shared through Rieter on the Saurer matter.

Luc Tack and Stefaan Haspeslagh are convinced that Rieter has been considerably strengthened with the acquisition of parts of Saurer, as Rieter can now offer all types of machines for processing fiber into yarn. In this context, Picanol Group has also offered to Rieter financing through a capital increase for financing part of this acquisition, if the Board of Directors of Rieter should deem it necessary.

Picanol Group, Luc Tack, and Stefaan Haspeslagh deeply regret the communication and steps taken by Rieter and retain full confidence in Rieter's strategy. Luc Tack and Stefaan Haspeslagh will cooperate with any investigation in order to establish the unfounded nature of any of the allegations made by Rieter.

In March 2021, Picanol Group acquired a 10% minority stake in Rieter Holding AG. Rieter is the world’s leading supplier of systems for short-staple fiber spinning.