600 Group approached by Qingdao D&D Investment Group
ENGINEERING business 600 Group has announced it has received an approach from Qingdao D&D Investment Group Co.
The Leeds-based group designs and distributes machine tools and precision engineered components and laser marking systems with operations in Europe, North America and Australia selling into more than 180 countries worldwide.
600 Group said in a statement: “The company notes the recent press speculation and announces that it has received an approach from Qingdao D&D Investment Group Co. Ltd that may or may not lead to a cash offer being made for the company.
“There can be no certainty that an offer will be made for 600 Group, nor as to the terms on which an offer may be made.”
The city code on takeovers and mergers requires Qingdao D&D Investment Group Co to announce its intentions by 5pm on October 9.
D&D Group, established in 1997, is a professional manufacturer of bench top power tools, including air compressor, metalworking machines and woodworking machinery.
Its global distribution network spreads over North America, Latin America, Europe, Asia & Pacific, the Middle East and Africa.
600 Group announced in June it had moved from turnaround phase towards growth.
It moved back into the black with pre-tax profits of £3.94m in the year to March 30 compared to a £14.85m loss the previous year on revenues that increased 11.2% to £41.79m.
The upturn in performance followed the introduction of a new management team led by chief executive Nigel Rogers and finance director Neil Carrick who have strengthened operational and financial controls, implemented a strategic review with the sale of non-core operations in Poland and South Africa, carried out a refinancing and built on the strength of the group’s brands and its global reach.
