7th Mar 2022 10:53
(Alliance News) - 600 Group PLC entered a conditional sale and purchase agreement with Timesavers Acquisition LLC on Monday for the sale of its machine tools division.
Shares in 600 Group were up 9.1% at 12.55 pence on Monday morning in London.
The agreement relates to the disposal of 600 UK Ltd, Colchester GmbH, 600 Machinery Australia Pty Ltd and Clausing Industrial Inc. Together these comprise of the Yorkshire, England-based industrial product manufacturer's machine tools solutions division.
The disposal would be for USD21 million in cash. 600 Group said proceeds from the sale would be used to pay down its existing debts and provide significant additional resources to invest growth strategies focused on industrial laser systems.
In the six months to September 30, the division generated USD18.8 million in revenue.
By Heather Rydings; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
SIXH.L