11th Apr 2022 18:02
600 Group PLC - West Yorkshire, England-based manufacturer and distributor of machine tools, precision engineered components and industrial laser systems - Completes USD21 million sale of its machine tools solutions division to Timesavers Acquisition, LLC, first announced earlier in the month. The division is comprised of 600 UK Ltd, Colchester GmbH, 600 Machinery Australia Pty Ltd and Clausing Industrial Inc.
"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," says Chair Paul Dupee.
Current stock price: 16.15 pence, closed up 7.7% on Monday
12-month change: up 85%
By Elizabeth Winter; [email protected]
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