SIA Engineering Company and Stratasys to Form Additive Manufacturing Joint Venture
February 08 2018 - 9:29AM
Business Wire
Mainboard-listed SIA Engineering Company Limited
(“SIAEC”) and Stratasys Ltd. (Nasdaq: SSYS), a global leader
in applied additive solutions, have signed a Joint Venture
Agreement to establish an additive manufacturing service centre to
provide 3D printed parts for use in commercial aviation. This
follows the Memorandum of Understanding signed and announced on 5
April 2017.
Under the agreement, SIAEC will have a 60 percent equity stake
in the joint venture, with Stratasys holding the remaining 40
percent.
This Singapore-based additive manufacturing joint venture will
offer design, engineering, certification support and part
production to customers worldwide including airlines, maintenance,
repair and overhaul (“MRO”) providers and original equipment
manufacturers (“OEMs”). This joint venture will leverage on
additive manufacturing technology to produce plastic aircraft cabin
interior parts as well as tooling for MRO providers.
“With increasing adoption of additive manufacturing technology
in the aerospace industry, this joint venture will be able to
access growing demand for additive manufacturing services. We look
forward to partner with Stratasys to provide our customers with new
service offerings as we continue to enhance our suite of MRO
services,” said Mr Png Kim Chiang, Chief Executive Officer of
SIAEC.
Mr Ilan Levin, Chief Executive Officer of Stratasys, said, “We
are excited to be working with such an innovative and ambitious
partner. By drawing on industry knowledge at SIAEC, we have
tremendous opportunity to deliver unique solutions in this high
requirement and highly regulated segment. The joint venture will
benefit from Stratasys’ near 30 years of additive technology,
materials and application development, enabling it to stay at the
forefront of its product offerings.”
The transaction is not expected to have a material impact on the
financial performance of SIAEC or Stratasys in FY2017/18. None of
the Directors of SIAEC or Stratasys has any interest, direct or
indirect, in the transaction.
About SIA Engineering Company(Company Registration No.
198201025C)www.siaec.com.sg
SIA Engineering Company (“SIAEC”) is a major provider of
aircraft maintenance, repair and overhaul (“MRO”) services in
Asia-Pacific. SIAEC has a client base of more than 80 international
carriers and aerospace equipment manufacturers. It provides line
maintenance services at 37 airports in 8 countries, as well as
airframe and component services on some of the most advanced and
widely used commercial aircraft in the world. Apart from MRO
services, SIAEC also offers a comprehensive and integrated suite of
solutions under its fleet management services.
The 25 ventures with original equipment manufacturers and
strategic partners in Singapore, Australia, Hong Kong, Indonesia,
Japan, Philippines, United States and Vietnam increase the depth
and breadth of the Company’s service offerings. SIAEC has approvals
from 26 national aviation regulatory authorities.
About Stratasys Ltd.www.stratasys.com
Stratasys (NASDAQ: SSYS) is a global leader in applied additive
technology solutions for industries including Aerospace,
Automotive, Healthcare, Consumer Products and Education. For nearly
30 years, a deep and ongoing focus on customers’ business
requirements has fueled purposeful innovations—1,200 granted and
pending additive technology patents to date—that create new value
across product lifecycle processes, from design prototypes to
manufacturing tools and final production parts. The Stratasys 3D
printing ecosystem of solutions and expertise—advanced materials;
software with voxel level control; precise, repeatable and reliable
FDM and PolyJet 3D printers; application-based expert services;
on-demand parts and industry-defining partnerships—works to ensure
seamless integration into each customer’s evolving
workflow. Fulfilling the real-world potential of additive,
Stratasys delivers breakthrough industry-specific applications that
accelerate business processes, optimize value chains and drive
business performance improvements for thousands of future-ready
leaders around the world.Corporate Headquarters: Minneapolis,
Minnesota and Rehovot, Israel.Online at: www.stratasys.com,
http://blog.stratasys.com and LinkedIn.
Stratasys is a registered trademark of Stratasys Ltd. and/or its
subsidiaries or affiliates.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180208005815/en/
SIA Engineering CompanyToh Meng Wee, (65) 6549
2495Manager Risk Management & Public AffairsE-mail:
mengwee_toh@singaporeair.com.sgorStratasysJoe
Hiemenz, +1 952-906-2726 (USA)E-Mail:
joe.hiemenz@stratasys.comorCraig Librett, +1 518-494-3442
(USA)E-Mail: Craig.Librett@stratasys.com
Stratasys (NASDAQ:SSYS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Stratasys (NASDAQ:SSYS)
Historical Stock Chart
From Sep 2023 to Sep 2024