Tue, 31 Dec 2013 | DIVISION SALE
Leeds-based engineering firm 600 Group is seeking an asset sale of aspects of its business, after deciding that an outright business sale would have offered less benefits for shareholders.
It had been approached by Chinese industrial firm Qingdao D&D Investment Group in September and a deadline had been set for 1 January at 5pm for talks on a potential deal.
It was decided this morning that an asset sale to D&D is more appropriate and 600 Group is now looking into the possibility.
In a statement to the London Stock Exchange 600 Group said: “Consequently discussions are on-going with D&D regarding a potential sale of selected 600 Group assets which, if successful, is likely to result in a transaction requiring shareholder approval.”
Dating back to 1932, 600 Group took its name from its early head office address at 600 Commercial Road in East London. It designs and distributes machine tools and precision engineered parts and laser marking systems with operations in Europe, North America and Australia and sells into over 180 countries.
The business has strengthened its position and expanded its offering through several acquisitions over the years, including US firm Clausing Industrial in the 1980s and purchases throughout Europe in more recent years.
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