Two Rieter board members resign after legal action threat
Textile machinery manufacturer Rieter has said it will not continue with legal action against two of the people who were on its board at the time of its recent acquisition of Schalfhorst, Accotex and Temco.
Rieter announced the acquisition of these three companies from Dutch group Saurer in mid-August.
It said at the time that board members Luc Tack and Stefaan Haspeslagh had used confidential information to make a competitive offer of their own. It said: “The board of directors considers this to be a strong violation of Rieter’s interests, to the detriment of all of its stakeholders and a breach of the relationship of trust within the board of directors.”
It added that further co-operation with the two directors was impossible and said it intended to file a criminal complaint against them.
On August 30, however, Rieter announced that Mr Tack and Mr Haspeslagh were resigning from its board with immediate effect and that it, therefore, had no interest in continuing any further with the criminal proceedings.
