600 buys American laser firm

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Machine tool firm 600 Group has bought 80 per cent of Tykma, a US-based laser marking company for an initial £3m.

Analyst David Buxton at FinnCap said: “The acquisition is sensibly priced, a strong fit, offers significant integration benefits and rejuvenates the group’s growth profile.

“This is an important and exciting acquisition for the group. Underlying trading is said to be in line with existing expectations. We anticipate upgrading our 2016 forecasts, for the acquisition.”

Tykma is a privately owned company based in Ohio, which specialises in the design, production and distribution of laser marking systems. Its management team will retain 20 per cent of the stock and will stay in full time management positions.

The business will be fully integrated with 600’s existing laser business, Electrox.