INDUSTRIAL products manufacturer and distributor the 600 Group has agreed to buy the remaining 20 per cent of a US business it acquired just over a year ago.

The move by the Heckmondwike-based group comes as business is on the upturn following a difficult period which saw its shares plummet by more than 30 per cent in February to a four year low due to difficult trading conditions in the US market.

The 600 Group will is paying £1.25 million for remaining shares in Ohio-based with funding from Bank of America, along with 12 million 1p shares. The latest deal follows

the acquisition of the majority stake in TYKMA for £3 million in February 2015.

TYKMA was integrated into the group's Electrox Laser Division led by, former main shareholder, who will be paid around £670,000 along with six million ordinary shares for his remaining stake.

In the year to December 31 2014 TYKMA reported net operating income of more than £500,000 on revenues of £5.8 million. Following the TYKMA acquisition, the combined laser division reported an operating profit of £630,000 on revenues of £6.57million in the six months to September 26 2015.

Following the deal, David Grimes will hold 7,5 million ordinary shares representing 7.19 per cent of the enlarged issued share capital of the Group.

Paul Dupee, 600 Group executive chairman, said: 'With the laser division now representing approximately 40 per cent of the Group's profitability, we are pleased to be able to acquire 100 per cent ownership and at the same time align the interests of its divisional managing director, David Grimes, more closely with those of existing shareholders.

"TYKMA has consistently traded strongly since we acquired it over a year ago and the management team has done well to integrate operations in the UK and US as well as improving manufacturing efficiencies and driving sales growth to gain market share and accelerate profit growth and we are confident this will continue.

"We're also pleased to report that trading conditions in our machine tools division have improved in the last six weeks with stronger order books in both the US and Europe and some initial success through the new distributors we have established in south east Asia. Although it is difficult to anticipate if this will continue given the fragile economic conditions in many of the market we serve, we remain well positioned for growth wherever that may arise."