14 Jan 2019 09:38
14 January 2019
The 600 Group Plc
("600 Group" or "the Group")
Senior Management Role Change
The Board of 600 Group today announces that David Grimes, Divisional Managing Director of the Group's Global Laser Marking Division, has agreed to extend his employment with the company for an additional year in order to assist in the ongoing process of the management restructure of the Division as the Group plans for his eventual retirement.
As part of the extension, Mr. Grimes will take up a new role as Chief Technology Officer effective from April 2019. This is an important step in the Group's planned succession strategy and will support the key development and delivery of its new proprietary technology platform.
Mr Grimes has successfully led the Group's Laser business since the acquisition of Tykma, Inc. in 2015, a business he founded nearly two decades earlier.
David Grimes, Divisional Managing Director, commented:
"After many years at the helm of Tykma and then 600 Group's combined Laser business, I look forward to assisting in the transition to the next generation of leaders. The business is in great shape with a clear strategy to further realise its significant growth potential. I look forward to my new role in ensuring the continued progress of the business."
Paul Dupee, Chairman, commented:
"On behalf of the Board I would like to thank David for his leadership of our Laser business over recent years. Under David's tenure our Laser business has gone from strength to strength. I look forward to working with David in his new role to realise the Laser business' significant market opportunity and deliver on our strategy to grow the Group into a global industrials business with positions in diversified niche markets worldwide."
Enquiries:
The 600 Group PLC Paul Dupee, Executive Chairman Neil Carrick, Finance Director
| Tel: 01924 415000 |
Instinctif Partners Mark Garraway James Gray
| Tel: 0207 457 2020 |
Spark Advisory Partners Limited (NOMAD) Matt Davis Miriam Greenwood
| Tel: 020 3368 3553 |
WH Ireland (Broker) Adam Pollock
| Tel: 020 7220 1666 |
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
About The 600 Group PLC
The 600 Group PLC is a distributor, designer and manufacturer of industrial products with three principle areas of activities:
Machine Tools
The business has a strong reputation in the market for metal turning machines. Products range from small conventional machines for education markets, CNC workshop machines and CNC production machines. Selected outsourcing partners support the manufacturing of these machines and they are marketed through the Group's wholly owned international sales organisation and global distribution network.
Precision Engineered Components
Machine spares are distributed to customers globally to help maintain the installed base of group machines which number in excess of 100,000. Additionally, work holding products and taper roller bearings are sold via specialist distributors to OEMs, including other machine builders.
Industrial Laser Systems
Industrial laser systems are a technologically superior alternative to ink jet marking. It requires no consumables and can operate on a continuous high speed basis when integrated into customers' production lines. The business has its own technology and proprietary software. Customer applications are diverse and range from telecommunications to pharmaceuticals. The requirement for increased product and component traceability is one of the market drivers.
More information on the Group can be viewed at: www.600group.com