REG - 600 Group PLC - Completion of Machine Tools Sale

600Announcement

11/04/2022 07:00

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RNS Number : 8740H  600 Group PLC  11 April 2022

11 April 2022

The 600 Group PLC

("600 Group" or "the Group")

Completion of Machine Tools Sale

On 7 March 2022, 600 Group plc, the Industrial Laser Systems Business (AIM:
SIXH), announced that it 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 (the "Disposal"), for cash consideration of US$21 million.

The Group today announces 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."

 

Capitalised terms used but not defined in this announcement have the same
meaning as defined in the Circular posted to Shareholders.

 

ENDS

 

Enquiries:

 The 600 Group PLC                                     Tel: +1-407-818-1123

 Paul Dupee, Executive Chairman
 Instinctif Partners                                   Tel: 0207 457 2020

 Tim McCall
 Cenkos Securities plc (Nominated Adviser and Broker)  Tel: 020 7397 8900

 Ben Jeynes / Max Gould (Corporate Finance)

 Alex Pollen / Henry Nicol (Sales)

 

About The 600 Group PLC

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.

More information on the Group can be viewed at:  www.600group.com
(http://www.600group.com/)

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
EU REGULATION 596/2014, AS AMENDED (AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).

 

 

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