The Russian Invasion of Ukraine has claimed a new casualty in the form of an end in investment negotiations. Zortrax S.A., which was in deep negotiations with Rusatom – Additive Technologies (RusAT), a part of the Russian state corporation named ROSATOM Group, decided to withdraw from this potential investment opportunity following the invasion.
Rusatom – Additive Technologies was interested in investing close to 65 million USD in exchange for under 50% of Zortrax S.A. shares. This investment would have helped Zortrax capitalise on its existing technologies and expand aggressively into the global market.
However considering the Russian invasion of Ukraine, Zortrax decided against signing an annex prolonging the negotiations with Rusatom – Additive Technologies which means that the investment deal under negotiations will not be signed and come into effect. Consequently, Rusatom – Additive Technologies will not become one of Zortrax S.A. shareholders.
“Russian aggression against Ukraine left us all shocked and outraged. It also rendered it absolutely clear that Zortrax’s mission cannot and will not be financed with money that made this aggression possible. For this reason, we are withdrawing from further negotiations with Rusatom – Additive Technologies which is a Russian state-owned company.”– Mariusz Babula, CEO of Zortrax S.A.
The withdrawal from the investment deal will not negatively affect Zortrax S.A. performance on the global 3D printing market, its ability to develop new products nor its overall financial standing. The latest financial results published by Zortrax S.A. reveal a significant upwards trend beginning from Q4, 2021, with a 28% increase in sales compared to Q4 2020 which gives strong reasons to expect further growth in the future.
Zortrax 3D Printing Solutions
Zortrax is a 3D printing solution provider based in Poland. It has carved out a strong presence in the global market for desktop FDM and Resin 3D printers, as well as dedicated filaments, Z-SUITE software, and add-on devices to enhance the printing and post-processing processes.
The Russian Invasion of Ukraine has had a wide-spread impact on the world and has extracted scathing reactions from people across the globe. This step by Zortrax is being applauded by many in the industry and outside. .It is too early to say whether Zortrax will look for other investors or not but Manufactur3D will keep a track of future developments.
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