The 600 Group, the machine tool and laser firm which has recorded a positive cash balance at its year end, is looking for acquisitions to drive it into new markets.
`We’re in a position where a strategic acquisition is possible, if the right thing turns up,’ said Tony Sweeten, the company’s new group managing director.
Sweeten expected to see an acquisition of a manufacturing or a distribution company in a year’s time.
The company is thought to be keen to strengthen its European dealer network and this part of the business is expected to be the most likely candidate for a future acquisition.
The sale of Ealing Electro-Optics to US-based Coherent Technologies for £6m last month has improved the group’s cash balance, left it ungeared, and in a better position to make an acquisition.