Stratasys buying Covestro’s additive manufacturing materials business
Canadian Plastics3D Printing
The deal includes employees, R&D facilities, production assets and offices in the Netherlands, Germany, the U.S., and China.
Material supplier Covestro AG is selling its additive manufacturing materials business to additive manufacturing pioneer Stratasys Ltd. for approximately 43 million euros (US$43 million).
The acquisition 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 extensive IP comprising hundreds of patents and patents pending.
Stratasys, which is based in Rehovot, Israel, is already a distributor of Covestro’s Somos resins and they are already available for Stratasys’ Neo and Origin One 3D printers.
“The acquisition of Covestro’s highly regarded Additive Manufacturing business positions us to further grow adoption of our newest technologies,” Stratasys CEO Yoav Zeif said in an Aug. 8 news release. “We will now have the ability to accelerate cutting-edge developments in 3D printing materials, and advance our strategy of providing the best and most complete polymer 3D printing portfolio in the industry.”
The deal is expected to close during the first quarter of 2023, and the majority of employees of Covestro’s additive manufacturing materials business will continue to be based at its sites in Geleen, Netherlands and Elgin, Ill.