LONDON, UK: 600 Group plc, the Industrial Laser Systems Business (AIM: SIXH), and certain other Group companies had entered into a conditional sale and purchase agreement with Timesavers Acquisition LLC (the “Buyer”) relating to the disposal of the entire issued share capital of each of 600 UK Limited, Colchester GmbH, 600 Machinery Australia Pty Ltd and Clausing Industrial, Inc, which together comprise the Group’s Machine Tool Solutions Division, for cash consideration of US$21 million.
The Group announced that all remaining conditions for the Disposal have been met and the sale has been duly completed. The US$21 million of cash consideration has been received and the Group now retains a net cash position.
Paul Dupee, Chairman of The 600 Group, commented: “The disposal of our Machine Tools division completes our strategic shift to the higher margin Industrial Laser System businesses which continue to deliver new customer wins and carry a record order book.
With our net cash position, we now have additional resources and are well placed to capitalise on the opportunity in this highly attractive, yet fragmented, market through organic and inorganic growth strategies.”
The 600 Group PLC is focussed on the delivery of Industrial laser systems which cover laser marking and processing including cutting, drilling, ablation and a host of other niche applications in the marking and micro machining sectors.
They require no consumables and can operate on a continuous high speed basis and can be integrated into customers’ production lines. The businesses have their own technology and proprietary software. Customer applications are diverse and range from aerospace to medical and pharmaceuticals. The requirement for increased product and component traceability is one of the market drivers.