- Stratasys ( NASDAQ: SSYS ) has agreed to acquire the additive manufacturing materials business of Covestro ( OTCPK:CVVTF ) for ~€43M, plus additional inventory, less certain liabilities.
- In addition, the deal offers a potential earnout of up to €37M, subject to the achievement of various performance metrics. It is expected to close during the first quarter of 2023.
- Covestro has been a key part of Stratasys' ( SSYS ) third-party materials ecosystem. Its additive manufacturing business includes leading photopolymer brand, Somos.
- The acquisition will cover R&D facilities and activities, global development and sales teams across Europe, the U.S. and China, a portfolio of ~60 additive manufacturing materials, and an extensive IP portfolio comprised of hundreds of patents and patents pending. Majority of employees of the acquired entity will continue to be based in Geleen, Netherlands and Elgin, Illinois.
- The transaction is expected to be immediately accretive upon closing. It will enable Stratasys ( SSYS ) to offer more full solutions to customers and accelerate next-generation materials development for manufacturing with partners.
For further details see:
Stratasys to acquire Covestro additive manufacturing materials business