The sales relates 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$21m.
The Group said that all remaining conditions for the disposal have been met and the sale has been duly completed. The US$21m of cash consideration has been received and the Group now retains a net cash position.
Paul Dupee, chairman of The 600 Group, said: "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.
