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600 Group PLC said its subsidiary 600 Group Inc is mulling a disposal of a majority interest in the business and assets of TYKMA Electrox and Control Micro Systems, which are also subsidiaries of 600 Group PLC. The West Yorkshire, England-based manufacturer and distributor of machine tools, precision engineered components and industrial laser systems said a letter of intent, signed by its subsidiary 600 Group Inc, envisages a potential disposal of an 80% stake in Tykma Electrox and Control Micro Systems, which are industrial laser businesses, for $9.5 million. 600 Group PLC Chair Paul Dupee said: ‘The group’s industrial laser businesses continue to be well placed in their respective highly fragmented markets. Whilst non-binding, the entry of the LOI with the counterparty provides scope for TYKMA and CMS, and the group, to partner with a US private equity firm in the continued future growth of the industrial laser business.’ 600 Group PLC shares are suspended, awaiting the publication of its annual results. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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