Stratasys, Inc., a leading manufacturer of 3D Printers and 3D Productions systems for prototyping and manufacturing and Objet, a leading manufacturer of 3D Printers for 3D Rapid Prototyping, announced a merger on April 16, 2012.
Operating under the Stratasys Ltd. Name, the two companies will work as one.
"We are bringing together two of the most innovative and respected players in the field to create a global leader in a high-growth industry," Stratasys CEO Scott Crump said. “Together we will have a broader and more comprehensive product and technology portfolio, and the resources, team and financial strength to achieve our goals. Building on the success of both companies, I am confident that we will capitalize on the many opportunities this combination creates for our shareholders, channel partners, customers, employees and other important stakeholders. We look forward to completing this transaction and to building significant long-term value for our shareholders.”
Crump, a co-founder of Stratasys, will become chairman of the combined company and focus on innovation.
David Reis, CEO of Objet, will become chief executive officer of the combined company. Objet's chairman, Elchanan Jaglon, will serve as chairman of the combined company's executive committee.
The two companies worked together once previously, Crump said, in 2007 when Objet used Stratasys' U.S. sales channel.
In a press release, the company highlighted six new strategic and financial benefits of transaction: 1) an increased innovative product portfolio, 2) expanded sales and marketing reach, 3) enhanced capabilities and scale, 4) strong leadership and management team, 5) strengthened financial performance and 6) an attractive long-term target operating model.
“We are excited to be joining forces with Stratasys,” said David Reis, chief executive officer of Objet. “This transaction creates an organization that will provide a broad range of rapid prototyping and direct digital manufacturing applications to our customers, and the ability to bring exciting new products to the market. With an impressive technology portfolio, great talent, and an extensive sales and marketing channel, we will be well positioned to achieve efficient growth, expand our distribution reach and create value for all of our stakeholders. We look forward to working with Stratasys employees to take our combined company to the next level.”
The merger will position the company as a leader of both the 3D Printing and direct digital manufacturing industries.
More to come.