24 June 2019 – acquisition
The company has announced the acquisition of the US-based Control Micro Systems Inc (CMS) for total consideration of US$10m, of which US$9.0m is being paid in cash with the balance in 600 Group shares. This has resulted in the issue of 4.5m new shares representing around 4% of the equity prior to the issue. CMS provides laser process machines and systems to a diverse base of US and international blue-chip customers across a range of industries. The use of industrial lasers continues to expand worldwide providing a large and growing market opportunity and the acquisition of CMS is highly complementary to the group’s existing laser business. In 2018, CMS generated revenues of US$11.6m and a pre-tax profit of US$1.2m. This is a positive development for the group and the shares remain a BUY.