Stratasys Plans Additional Strategic Investment in Xaar 3D
September 12 2019 - 6:00AM
Business Wire
Stratasys to increase ownership in Xaar 3D from
15% to 45% with option to fully acquire
Stratasys Ltd. (NASDAQ: SSYS), a global provider of 3D printing
technology and services, announced it has entered into an agreement
with Xaar plc (LON: XAR) to purchase shares of Xaar 3D Ltd. that
will increase Stratasys’s stake in Xaar 3D from 15 to 45 percent,
with Xaar plc, through its fully owned subsidiary, Xaar 3D
Holdings, having the remaining 55 percent. In addition, the
agreement includes an option for Stratasys to acquire the remaining
shares of Xaar 3D. The transaction is subject to Xaar plc
shareholder approval.
The strategic investment by Stratasys is intended to enable Xaar
3D to accelerate the development of its additive manufacturing
solutions based on High Speed Sintering (HSS) technology. These
solutions are designed for end-use parts applications in
low-to-medium production volumes, primarily in the industrial
segment.
Xaar plc and Stratasys announced the formation of Xaar 3D Ltd in
July 2018. The purpose of the joint venture is to develop High
Speed Sintering additive manufacturing solutions that Stratasys can
bring to market.
“Xaar 3D has made significant progress over the past year and we
see benefits to Stratasys in extending its investment in Xaar 3D's
innovative High Speed Sintering based solutions. We look forward to
continue developing the technology together with Xaar and believe
the combined expertise of both parties will lead to exploitation of
the technology's promising potential,” said Omer Krieger, EVP
Products. “This continues our company’s strategy of complementing
our own robust R&D efforts with partnerships and investments in
other innovative companies to develop new capabilities and products
that create new value to our customers.”
“Xaar 3D has great potential and we look forward to continuing
to work with Stratasys to develop its full potential in this deeper
relationship. I am pleased that this transaction will create good
value for Xaar shareholders and unlocks the ability for more
significant value in due course,” said Doug Edwards, Chief
Executive Officer, Xaar plc.
Stratasys is a global leader in additive manufacturing or
3D printing technology and is the manufacturer of FDM® and PolyJet™
3D printers. The company’s technologies are used to create
prototypes, manufacturing tools, and production parts for
industries including aerospace, automotive, healthcare, consumer
products, and education. For 30 years, Stratasys products have
helped manufacturers reduce product development time, cost, and
time to market, as well as reduce or eliminate tooling costs and
improve product quality. The Stratasys 3D printing ecosystem of
solutions and expertise includes 3D printers, materials, software,
expert services, and on-demand parts production. Online at
www.stratasys.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190912005366/en/
Aaron Pearson Vice President PR and Analyst Relations Direct
+952-917-6700 aaron.pearson@stratasys.com www.stratasys.com
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