Additive manufacturing Stratasys continues takeover campaign with two buyouts
The deals are expected to be completed by the third quarter.
Stratasys, a leading supplier of 3D printing and additive manufacturing solutions, has announced that it has entered into definitive agreements to acquire two privately held companies, Solid Concepts and Harvest Technologies.
It said Solid Concepts is the largest independent additive manufacturing service bureau in North America and a fast-growing partner to Red Eye, Stratasys’ existing digital manufacturing service business.
The transactions are expected to be completed early in the upcoming third quarter, subject to customary closing conditions, Stratasys said. Upon completion of the transactions, the company explained that it plans to combine Solid Concepts and Harvest Technologies with Red Eye to establish a single additive manufacturing services business unit.
Joe Allison, president of Solid Concepts, is expected to join the Stratasys management team and lead the combined parts business, supported by the management teams of Solid Concepts, Harvest Technologies, and Red Eye.
The company explained that both Solid Concepts and Harvest Technologies are leading providers of additive manufacturing services, and with their addition, Stratasys will be creating a leading strategic platform focused on meeting customers’ additive manufacturing needs through the expansion of its technology and business offering.
The purchases are said to provide Stratasys with significant manufacturing and end-use parts production capabilities, infrastructure, capacity and process know-how, which are expected to accelerate and enable further adoption of additive manufacturing. “The combination of Solid Concepts’ deep knowledge of manufacturing and vertical focus, such as medical and aerospace, and Harvest Technologies’ experience in parts production, as well as materials and systems know-how, together with Red Eye, strengthens Stratasys’ direct digital manufacturing and parts production expertise.”