LONDON, UK: 600 Group plc, the Industrial Laser Systems Business (AIM: SIXH), and sure different Group companies had entered right into a conditional sale and buy agreement with Timesavers Acquisition LLC (the “Buyer”) relating to the disposal of the entire issued share capital of every of 600 UK Limited, Colchester GmbH, 600 Machinery Australia Pty Ltd and Clausing Industrial, Inc, which collectively comprise the Group’s Machine Tool Solutions Division, for money consideration of US$21 million.
The Group introduced that all remaining conditions for the Disposal have been met and the sale has been duly completed. The US$21 million of money consideration has been received and the Group now retains a net money position.
Paul Dupee, Chairman of The 600 Group, commented: “The disposal of our Machine Tools division completes our strategic shift to the upper margin Industrial Laser System companies which proceed to ship new buyer wins and carry a record order book.
With our net money position, we now have additional resources and are well positioned to capitalise on the chance on this extremely attractive, but fragmented, market through natural and inorganic growth strategies.”
The 600 Group PLC is focussed on the supply of Industrial laser systems which cowl laser marking and processing collectively with cutting, drilling, ablation and a host of different area of interest applications within the marking and micro machining sectors.
They require no consumables and can function on a steady excessive speed foundation and can be built-in into customers’ manufacturing lines. The companies have their very personal technology and proprietary software. Customer applications are diverse and vary from aerospace to medical and pharmaceuticals. The requirement for elevated product and component traceability is one of many market drivers.