Stratasys Neo800 Stereolithography Somos Watershed.jpg
Stratasys (Nasdaq:SSYS) said today that it has a deal to purchase the additive manufacturing materials business of Covestro.
The deal includes R&D facilities and activities, global development and sales teams across Europe, the U.S. and China, a portfolio of approximately 60 additive manufacturing materials, and hundreds of patents and patents pending, Stratasys said in a news release. Most of the employees joining Stratasys will continue to be headquartered in Geleen, Netherlands and Elgin, Illinois.
The Eden Prairie, Minnesota-based 3D printing company said it will pay around $44 million plus up to approximately $38 million in performance earnouts. The acquisition is expected to close in Q1 of 2023, subject to regulatory approval and other closing conditions.
Stratasys said Rehevot, Israel-based Covestro has been a key part of its third-party materials ecosystem. Stratasys distributes Covestro’s Somos resins for its Neo and Origin One 3D printers.
“Innovative materials are the fuel of additive manufacturing and translate directly into the ability to create new use cases for 3D printing, particularly in the production of end-use parts like dental aligners and automotive components,” Stratasys CEO Yoav Zeif said in a news release. “The acquisition of Covestro’s highly regarded additive manufacturing business positions us to further grow adoption of our newest technologies. We will now have the ability to accelerate cutting-edge developments in 3D printing materials, and advance our strategy of providing the best and most complete polymer 3D printing portfolio in the industry.”
Additive manufacturing is breaking new ground in medtech manufacturing, from better, faster and cheaper device prototyping to personalized implants and the potential for 3D printed organs. Stratasys printers can build medical devices, components and training models, and the company offers anatomical modeling and consultative services for the healthcare industry.
