Search

Additive Manufacturing Stratasys, Objet complete merger to create 3D printing behemoth

Editor: Eric Culp

Partners to move forward with integration.

Former Objet CEO David Reis, speaking here at EuroMold 2012, is the CEO of the merged company.
Former Objet CEO David Reis, speaking here at EuroMold 2012, is the CEO of the merged company.
(Source: Culp)

Stratasys and Objet have announced the completion of their merger, forming a leader in 3D printing and direct digital manufacturing.

According to a joint statement, the combined company will trade on the NASDAQ stock exchange as Stratasys Ltd. (“Stratasys”) under the symbol SSYS. Based on the closing price of Stratasys, Inc. stock on November 30, 2012, the market capitalization of the new company will be approximately $3.0 billion.

Former Objet CEO David Reis has assumed the role of CEO for the merged entity, the companies said. Erez Simha, former COO and CFO of Objet, retains those positions. Scott Crump, co-founder and former CEO of Stratasys, has become full-time executive chairman of the board; Elchanan Jaglom, formerly chairman of Objet, is serving as the full-time chairman of the executive committee.

See: German tool orders remain strong

Stratasys management said it will immediately begin the process of fully integrating the two organisations, and the company has formed an executive committee comprised of four members of the board of directors to oversee the integration process. “In the near term, customers can expect to work with each company as they always have, and in the coming months, will have the ability to purchase both Stratasys and Objet products from one channel partner point of contact,” the partners explained.

Reis said, “We are excited to move forward as one company and deliver the benefits this combination creates for our shareholders, our customers and our employees. Stratasys is now uniquely positioned to offer a comprehensive portfolio of innovative products and technologies, and we have the scale, team and financial strength to achieve our goals.”

The statement said Stratasys is maintaining dual headquarters in Eden Prairie, Minnesota and Rehovot, Israel, and is incorporated in Israel.

(ID:37149740)