December 5, 2012
It doesn’t seem all that long ago we first reported on some big merger news. If you haven’t been following additive manufacturing (AM) for long, back in April, Stratasys (company profile) and Objet (company profile) agreed to merge. Following a round of final talks, government approval and all the other little details that went into getting the deal to work, the merger is complete.
The combined company, which will go forward under the Stratasys name, will offer a large amount of flexibility for professional AM. Stratasys brings its Fused Deposition Modeling process to the table, and Objet brings its multi-material PolyJet. Rapid Ready talked to AM industry experts about what the merger could mean, and you can find details of that conversation here.
David Reis, former CEO of Objet, will take the position of CEO of Stratasys, while Scott Crump, co-founder and former CEO of Stratasys will become the full-time executive chairman of the company. Erez Simha, former COO and CFO for Objet, will now act as COO (IL) for the new Stratasys. Elchanan Jaglom, previously chairman of Objet, will become the full-time chairman of the executive committee.
“We are excited to move forward as one company and deliver the benefits this combination creates for our shareholders, our customers and our employees,” said Reis. “Stratasys is now uniquely positioned to offer a comprehensive portfolio of innovative products and technologies, and we have the scale, team and financial strength to achieve our goals. I look forward to working closely with the board of directors, our senior management team and all of our employees to ensure a seamless transition as we continue to deliver advanced solutions to our customers worldwide.”
“We are pleased to announce the successful completion of this merger,” added Crump. “With our breadth of products, commitment to innovation, and outstanding, service-focused team, we will be well positioned to address customer needs across the entire 3D design and manufacturing spectrum. The combined company has a deep well of talent and a strong board and management team to lead us successfully as we continue to pave a new way forward for the 3D printing industry.”
The companies will begin integration immediately, and will combine sales and distribution networks. According to Stratasys, the merger will save between $3-$4 million annually in taxes, and the company expects to see between $7 and $8 million of annual net cost synergies.
Check out our selection of Objet and Stratasys related videos for general information about the companies.
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About the AuthorJohn Newman
John Newman is a Digital Engineering contributor who focuses on 3D printing. Contact him via [email protected] and read his posts on Rapid Ready Technology.Follow DE