Proto Labs Completes Acquisition of RAPID, Rebrands It as 'Rapid, a Proto Labs Company'
December 01 2017 - 9:00AM
Business Wire
Proto Labs (NYSE: PRLB) today announced that it has completed
its acquisition of privately held company Rapid Manufacturing
Group, LLC (“RAPID”). RAPID is a New Hampshire-based custom parts
supplier specializing in quick-turn sheet metal fabrication and CNC
machining. With the acquisition, Proto Labs will be able to offer
its customers another quick-turn manufacturing service while
expanding its CNC machining capabilities.
This expansion of Proto Labs’ services and capabilities
reinforces its promise to customers to continue to seek ways to
further optimize product development and improve supply chain
efficiencies through a variety of digital manufacturing methods.
The company currently employs approximately 300 people, and will
expand Proto Labs’ team to more than 2,000 employees worldwide.
Proto Labs acquired RAPID for an aggregate purchase price of
$120 million consisting of $110 million in cash and $10 million in
Proto Labs stock. RAPID’s 2017 annual revenue is forecasted to be
approximately $45 million.
Effective today, RAPID will start operating under the name
“Rapid, a Proto Labs Company.” Over time, it will transition to
operating solely under the Proto Labs brand.
About Rapid, a Proto Labs CompanyRapid, a Proto Labs
Company is a quick-turn manufacturer of sheet metal and CNC
machined parts. The company has built a reputation of providing
customers quotes within a day, and delivering prototype and
low-volume production parts to customers fast. Since it opened its
doors in Nashua, NH in 2001, the company has grown to over 300
employees with three manufacturing facilities. Visit
rapidmanufacturing.com for more information.
About Proto LabsProto Labs is the world's fastest digital
manufacturing source for rapid prototyping and on-demand
production. The technology-enabled company produces custom parts
and assemblies in as fast as 1 day with automated 3D printing, CNC
machining, sheet metal fabrication, and injection molding
processes. Its digital approach to manufacturing enables
accelerated time to market, reduces development and production
costs, and minimizes risk throughout the product life cycle. Visit
protolabs.com for more information.
Forward-Looking StatementsStatements contained in this
press release regarding matters that are not historical or current
facts are “forward-looking statements” within the meaning of The
Private Securities Litigation Reform Act of 1995. These statements
involve known and unknown risks, uncertainties and other factors
which may cause the results of Proto Labs to be materially
different than those expressed or implied in such statements.
Certain of these risk factors and others are described in the “Risk
Factors” section within reports filed with the SEC. In addition to
statements that explicitly describe such risks and uncertainties,
readers are urged to consider statements in the conditional or
future tenses or include terms such as “approximately,” “estimate,”
“expected,” “plan,” “believe,” and variations of such words or
similar expressions are intended to identify forward-looking
statements
These forward-looking statements are based upon the expectations
of management under current assumptions at the time of the press
release. Proto Labs cannot guarantee future results, levels of
activity, performance or achievements. Accordingly, you should not
place undue reliance on these forward-looking statements. Finally,
Proto Labs expressly disclaims any intent or obligation to update
any forward-looking statements to reflect subsequent events or
circumstances.
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version on businesswire.com: http://www.businesswire.com/news/home/20171201005371/en/
Investor Relations Contact:Proto LabsDan Schumacher,
763-479-7240Director of Investor
Relationsdaniel.schumacher@protolabs.comorMedia Contact:Padilla
for Proto LabsTim Nelson,
612-455-1789Tim.Nelson@PadillaCo.com
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