The 600 Group today revealed it had disposed of its machine tools division as part of its strategic shift towards to the higher margin industrial laser system businesses.

Last month, the 600 Group announced that it and certain other group companies had entered into a conditional sale and purchase agreement with Timesavers Acquisition, relating to the disposal of the entire issued share capital of the group's machine tool solutions division for cash consideration of US$21 million.

The group has revealed that all remaining conditions for the disposal have been met and the sale has been duly completed.

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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."

The 600 Group specialises in the delivery of industrial laser systems which cover laser marking and processing including cutting, drilling and a host of other niche applications in the marking and micro machining sectors.

The 600 Group completes sale of machine tools division for $21 million