Britain’s last publicly quoted machine tool manufacturing company, 600 Group, is being targeted by a private group for acquisition in a bid to expand business.

The chief executive of Precision Technologies Group, Mark Franckel, indicated that 600 Group was an attractive and potential target, which was approached with an offer by his group last year.

Talking about Precision Technology Group’s potential deals with other companies including 600 Group, Mark Franckel informed that his group was keeping its options open.

600 Group, based in Leeds, made a pre-tax profit of £3.6m on sales of £78.9m last year. Precision Technologies Group had made a formal bid offer in October 2007, but pulled out later after the failure of talks.

Commenting on Precision Technologies Group’s approach last year, Martin Temple, chairman of 600 Group, stated that offer was against the best interests of 600 Group and its shareholders. He believed that Precision Technologies Group would be of no help in improving performance of his Group.

600 Group had been passing through difficult times in last few months. Its chief executive, Andrew Dick quit the office a few weeks ago. He was replaced by David Norman, an experienced manager and turnaround specialist who had been working with Hanson Company. Its shares fell by 50% since November last.

Despite of steep fall in share prices, Martin Temple is confident of a viable future for 600 Group’s independent business and ruled out any change in its opposition to acquisition move by Precision Technologies Group.

Things to consider:
Are you looking for Group Singing lessons then come to us.