Stratasys has completed the acquisition of Covestro AG’s additive manufacturing (AM) materials business, which was first announced last summer.
A deal made up of a fixed 43 million EUR and a potential earnout of up to 37 million EUR subject to the achievement of various performance metrics was struck in August, with Stratasys CEO Yoav Zeif noting it formed part of the company’s ambition to deliver the ‘most complete polymer 3D printing portfolio in the industry.’
Through the acquisition, Stratasys will integrate R&D facilities and activities, global development and sales teams across Europe, the US and Asia, and a portfolio of approximately 60 additive manufacturing materials. An extensive IP portfolio comprised of hundreds of patents and patents pending has also moved across to Stratasys.
The Covestro AM workforce, materials and IP will be used by Stratasys to address new applications with its stereolithography, P3/DLP, and powder bed fusion technologies. All materials to have been carried over from Covestro will be made available through Stratasys and its global channel partners under the Somos and Addigy brands.
“Today marks a significant milestone for us as we solidify our leadership in the polymer additive manufacturing industry,” said Stratasys CEO Dr. Yoav Zeif. “With this acquisition, we’re not just expanding our materials portfolio for our broad array of 3D printing technologies – we’re also paving the way for more new innovations. Additionally, our growing team of in-house materials experts will be in a stronger position to collaborate with our materials ecosystem partners. Together, we’ll be able to address more applications faster, pushing the boundaries of what’s possible in additive manufacturing.”
Read more | Explained: Why Stratasys is acquiring Covestro’s additive manufacturing business
With the acquisition complete, Hugo da Silva, who was previously Vice President of Covestro Additive Manufacturing, will step into the new role of Vice President of Strategy, M&A and Venturing at Stratasys.
“A new material can be as transformative to a market as a new 3D printer,” da Silva said. “Whether it’s flame, heat and smoke resistant materials for aerospace, new biocompatible materials for medical applications, or resilient materials with ESD properties for electric vehicles, we know that the more we bring new materials innovations to market as part of use case solutions, the more we can transform how everything is manufactured around the world.”
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