Minneapolis, Minn. & Rehovot, Israel – Stratasys Ltd. has entered into definitive agreements to acquire two privately-held companies, Solid Concepts Inc. and Harvest Technologies. Solid Concepts is the largest independent additive manufacturing (AM) service bureau in North America and a fast-growing partner to RedEye, Stratasys’ existing digital manufacturing service business.
The transactions are expected to be completed early in the upcoming third quarter, subject to customary closing conditions. Upon completion of the transactions, Stratasys will combine Solid Concepts and Harvest Technologies with RedEye to establish one AM services business unit. Joe Allison, president of Solid Concepts, will join the Stratasys management team and lead the combined parts business, supported by the management teams of Solid Concepts, Harvest Technologies, and RedEye.
With the addition of Solid Concepts and Harvest Technologies, Stratasys is creating a strategic platform focused on expanded technology and business offerings. Solid Concepts and Harvest Technologies provide Stratasys with significant manufacturing and end-use parts production capabilities, infrastructure, capacity and process knowhow. The combination of Solid Concepts’ deep knowledge of manufacturing and vertical focus, such as medical and aerospace, and Harvest Technologies’ experience in parts production, as well as materials and systems knowhow, together with RedEye, strengthens Stratasys’ direct digital manufacturing and parts production expertise.
“We are pleased to announce these strategic transactions, which will enable us to provide customers with a comprehensive offering that addresses a broad spectrum of additive manufacturing solutions,” says Stratasys CEO David Reis. “With Solid Concepts and Harvest Technologies, together with RedEye, we expect to create a strategic platform to meet our customers’ additive manufacturing requirements by significantly expanding our offering, targeting new applications, and strengthening our customer relationships.”
“These transactions are consistent with our core strategic imperatives and M&A strategy, which is focused on acquiring leading companies to support our goal of continued leadership in the segments in which we operate, as well as reaching new niche verticals,” Reis continues. “We will apply our integration expertise to combine Solid Concepts and Harvest Technologies with our existing RedEye digital manufacturing service business to form a single business unit focused on additive manufacturing services. Importantly, with our shared cultures of innovation and customer service, we believe this will be a smooth transition. We look forward to welcoming the talented teams of Solid Concepts and Harvest Technologies to Stratasys – we are confident we have a very bright future together.”
Joe Allison, president of Solid Concepts, says, “As part of a larger company with a broad customer reach and market coverage, Solid Concepts will be even better positioned to meet the significant demand for our additive manufacturing offerings.”
David K. Leigh, president of Harvest Technologies, states, “We are delighted to join forces with Stratasys and Solid Concepts in a transaction that will enhance Harvest Technologies’ leadership in producing end use parts using the most advanced additive manufacturing technologies and processes.”
Source: Stratasys