News / The 600 Group PLC announced the Acquisition of Kondia Manual Machine tool business
Date: 2016-10-20
The 600 Group PLC announced the Acquisition of Kondia Manual Machine tool business
600 Group Plc, the AIM listed distributor, designer and manufacturer of branded machine tools and industrial laser systems, is pleased to announce that following its successful application to the Spanish Courts it has acquired the entire manual machine tools business of Kondia, for a total consideration of 50,000 Euro's.
Kondia, formerly Spains largest manufacturer of milling machines was placed into administration in 2015. The acquisition means the 600 Group now owns the Kondia name, all IP and a large inventory of spare parts worth in excess of the acquisition costs.
For over twenty years, Clausing one of the leading 600 Group companies sold the Kondia range of FV series milling machines and established it as a leading brand in North America. In 1990, sales of Kondia machines in the USA contributed $3million in revenues to the 600 Group.
The 600 Group expects to generate revenues immediately from the supply of spare parts in the North America as well as the rest of the world were Kondia machines have been sold. In addition, the company intends to start producing the popular Kondia FV milling machine which will compliment the successful US built line of 600 Group machine tools including drills and saws.
Commenting today, Don Haselton, Divisional Managing Director of the machine tool operations in the UK and USA said:
"We are very excited about adding another great brand to our line up of machines and also the opportunity it gives us to grow the Kondia business both in North America and worldwide. This acquisition increases Group earnings immediately and looking ahead, I'm very confident that our team will build the revenues further as we develop the opportunities we have identified in this business."
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