The industrial laser systems business, 600 Group along with other group companies have completed the sale of the Machine Tool Solutions division, for cash consideration of $21m after the conditions have been met on Monday.
On March 7, 2022, 600 Group announced that it and other group companies had agreed to a conditional sale and purchase agreement with Timesavers Acquisition for the disposal of the entire issued share capital of each of 600 UK Limited, Colchester GmbH, 600 Machinery Australia and Clausing Industrial, which together comprise the group’s Machine Tool Solutions division, for cash consideration of $21m.
The group announced on Monday, that all of the remaining conditions for the sale have been met, and the transaction has been finalised.
The cash consideration of $21m has been received and the company now has a net cash position.
The 600 Group’s shares increased 5% to 15.8p after the company completed the sale of the Machine Tool Solutions division.
“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,” said Paul Dupee, Chairman of The 600 Group.
“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.”