Stratasys, a leader in polymer 3D printing solutions, announced the signing of a definitive agreement to acquire Covestro AG's 3D printing materials business. After closing, the acquisition is expected to be immediately accretive.
The purchase price is estimated to be around 43 million euros, plus additional inventory, less certain liabilities. Furthermore, there is a potential earnout of up to 37 million euros if various performance metrics are met.
Covestro’s 3D Printing Materials Business
Covestro has been an important part of Stratasys' third-party materials ecosystem, and the acquisition will benefit customers who use Stratasys 3D printing platforms such as the Origin P3™, Neo® stereolithography, and H350TM printers. Covestro's Somos® resins are already available through Stratasys and are compatible with Neo and Origin® One 3D printers.
The accretive acquisition will allow Stratasys to provide more comprehensive solutions to customers while also accelerating next-generation materials development for manufacturing with partners.
Stratasys will broaden its differentiated materials offering in stereolithography, DLP, and powders, backed by a robust intellectual property portfolio.
“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.”
- Dr. Yoav Zeif, CEO, Stratasys
Dr. Zeif added, “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.”
Covestro will also transfer R&D facilities and activities, global development and sales teams across Europe, the United States, and China, a portfolio of approximately 60 additive manufacturing materials, and an extensive IP portfolio consisting of hundreds of patents and patents pending, as part of the agreement.
The transaction is expected to close in the first quarter of 2023, subject to regulatory approvals and the satisfaction of other customary closing conditions. The majority of the acquired entity's employees will remain in Geleen, Netherlands, and Elgin, Illinois.
