DTM stock offering raises $22.8 million
AUSTIN, TEXAS — DTM Corp., which makes rapid prototyping and rapid tooling equipment in Austin, has gone public through an initial public offering of its stock on the Nasdaq National Market System.
DTM raised $22.8 million in the May 2 IPO, by selling 2,852,191 shares of common stock for $8 a share. DTM will use the money to reduce debt and for general operations.
DTM is a subsidiary of BFGoodrich Co. of Richfield, Ohio. After the IPO, Goodrich owns about 50 percent of DTM, said Uday Bellary, DTM's chief financial officer.
Since the IPO, DTM stock has traded at $8-$8.50 per share, Bellary said.
DTM makes equipment for the relatively new industry of rapid prototyping and tooling. Its patented SLS selective laser sintering machines use a laser to build three-dimensional prototypes from powdered materials. The result is a three-dimensional prototype, created from a computer-aided design drawing.
Demand for rapid prototyping services has grown as manufacturers seek faster product design.
A study by Wohlers Associates Inc. consulting firm in Fort Collins, Colo., said 763 rapid prototying systems were sold in 1996, up 46 percent from 1995. Wohlers said that, worldwide, 2,250 systems have been installed.
The market for rapid prototyping systems and aftermarket support totals about $200 million to $225 million, said Michael Braig, securities analyst at one of the DTM underwriters, A.G. Edwards and Sons Inc. of St. Louis. The other underwriter is Ladenburg, Thalman & Co. Inc. of New York.
Arco to use Unipol at new PP facility
CARSON, CALIF. — Arco Products Co. has licensed Union Carbide Corp.'s Unipol polypropylene process for a planned PP production facility in Carson.
The plant will have annual capacity of about 441 million pounds. It will be the first of its size on the West Coast and is scheduled for completion in the first quarter of 1999, according to Arco.
Carson-based Arco plans to use gaseous byproducts from its refinery operation as raw material for the PP plant, to reduce emissions. The company, which is the refining and marketing division of Atlantic Richfield Co., did not disclose the cost of the plant.
BASF, Hoechst form Targor joint venture
MAINZ, GERMANY—BASF AG of Ludwigshafen, Germany, and Hoechst AG of Frankfurt, Germany, will join forces to make polypropylene at five European plants.
The joint venture, called Targor, will start production July 1 in Mainz and will have annual production capacity of more than 3 billion pounds.
In 1996, Hoechst and BASF achieved sales of $472 million and $531 million respectively.
Astor Corp., a maker of specialty waxes, adhesives and sealants in Raleigh, N.C., bought Columbia, Mo.-based Rheochem Technologies Inc., which will operate as a division of Astor and manufactures lubricants used as additives in PVC compounding.
3DT Inc. of Germantown, Wis., a designer and manufacturer of Corona treating systems, announced a three-year alliance with Navitas Co. of Osaka, Japan. Navitas makes transfer printing machines and related equipment and materials.
Rose Technologies, an engineering, design, tooling and prototyping firm in Miamisburg, Ohio, opened in January. The firm specializes in PVC window profiles and employs two, and also makes automotive trim and small parts at its Dayton, Ohio, plant.