Investment in Additive Manufacturing ITT acquires AM technology capabilities with investment in CRP
3D printing companies CRP Technology and CRP USA have signed an investment agreement with ITT, a diversified manufacturer of engineered critical components and customised technology solutions headquartered in Stamford, Connecticut.
Technology company ITT announced its investment in CRP Technology and CRP USA. CRP develops and manufactures reinforced composite materials for 3D printing for the aerospace, defense, premium automotive, and motorsports industries. Its Windform high-performance materials enable engineers to develop complex, customised designs while providing lightweight and exceptionally durable products. With this investment, ITT owns 46 percent of CRP Technology and 33 percent of CRP USA.
“This transaction will allow us to implement a very ambitious business plan, focused on growth both in the markets in which we are already present, and in new markets with relative geographical expansion”, said Franco Cevolini, CEO of CRP Technology.” The investment also enables ITT access to additive manufacturing excellence as the industry and number of applications continue to grow.
“CRP is a smart investment for ITT. With almost three decades of leadership and innovation in additive manufacturing, CRP enables ITT to expand its position in material science and gain hands-on experience with additive manufacturing as the industries we serve continue to transform,” said Luca Savi, CEO and President of ITT.