Textile machinery manufacturer Picanol NV is looking for a merger or acquisition deal, according to Dutch-language newspaper De Tijd.

Interim director of the company, Luc Van Nevel, said that he wanted a business partner for the company and will ask the general assembly being held on 16 March for a mandate approval of the proposition.

Picanol's chairman Patrick Steverlynck and chief executive Jan Coene both quit their posts with the company - which has seen its value triple over the past few years - in October 2004.