Stratasys to Acquire Covestro’s Additive Materials Business
Stratasys will expand its differentiated materials offering in stereolithography, DLP, and powders, company reports.
August 8, 2022
Stratasys Ltd. has signed a definitive agreement to acquire the additive manufacturing materials business of Covestro AG. The acquisition is expected to be immediately accretive upon closing. It will include 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 an extensive IP portfolio comprised of hundreds of patents and patents pending. The purchase price is approximately 43 million euros, plus additional inventory, less certain liabilities. In addition, there is a potential earnout of up to 37 million euros, subject to the achievement of various performance metrics.
Covestro has been a key part of Stratasys’ third-party materials ecosystem, and the acquisition will benefit customers using multiple Stratasys 3D printing platforms, including its Origin P3, Neo stereolithography and H350 printers. Stratasys is already a distributor of Covestro’s Somos resins and they are available for 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,” says Stratasys CEO Dr. Yoav Zeif. “The acquisition of Covestro’s highly regarded Additive Manufacturing business positions us to further grow adoption of our newest technologies.”
The acquisition is expected to close during the first quarter of 2023, and the transaction is subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions. The majority of employees of the acquired entity will continue to be based in Geleen, Netherlands and Elgin, IL.
Sources: Press materials received from the company and additional information gleaned from the company’s website.
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