3-D printer firms Stratasys, Objet merge
EDEN PRAIRIE, MINN. — Three-dimensional printer leaders Stratasys Inc. and Objet Ltd. have combined to create a giant in that field with a market value of $1.4 billion.
Shareholders of Stratasys, based in Eden Prairie, will receive one share in the new firm for each share of Stratasys they own, officials said in an April 16 news release. Stratasys shareholders will own 55 percent of the new firm, which will operate as Stratasys Ltd.
David Reis, CEO of Rehovot, Israel-based Objet, will serve as CEO of the new firm, which will have headquarters offices in both Eden Prairie and Rehovot. The merger is expected to create a company with an impressive portfolio of 3-D printing and direct digital manufacturing products, officials said in the release.
Stratasys posted 2011 sales of almost $156 million. The new firm will have annual sales growth of at least 20 percent, officials said.
Objet was founded in 1998 and uses technology based on more than 110 patents and patent-pending inventions. Stratasys patented its base technology in 1988 and has more than 180 patents and patents pending.
Rotomolder DPI adding jobs, products
LATTA, S.C. — Diversified Plastics Inc. will invest $2.5 million to expand its facility in Latta, creating 15 jobs, increasing capacity and adding new tooling for another product line.
The rotational molder manufactures bulk containers, and material-handling and utility carts for the textile, hospitality, laundry, agricultural and marine industries.
“Demand for our products continues to grow and this expansion will allow us to increase our market share,” CEO Tommy Wallace said in a news release. “Dillon County and South Carolina have always provided us with an excellent business climate and skilled workforce.”
Latta-based DPI ranked No. 57 in Plastics News' latest survey of North American rotomolders, bringing in an estimated $5.5 million in 2010.
Corning buying Becton, Dickinson unit
CORNING, N.Y. — Corning Inc. has agreed to buy the majority of Becton, Dickinson and Co.'s Discovery Labware unit, which includes its plastic consumable labware line.
The deal, for $730 million in cash, still must win final regulatory approval. The sale is expected to close later this year, Corning said in an April 10 news release.
The Corning-based company wants to use the Discovery Labware product portfolio and dealer network to help bring its life sciences unit up to $1 billion in annual sales by 2014. The proposal excludes BD's Advanced Bioprocessing platform.
The plastic labware components of Franklin Lakes, N.J.-based BD's Discovery Labware include tubes, pipettes, petri dishes, tissue culture dishes and flasks. Other operations in the group take in liquid-handling products, cell cultureware and research facilities. The businesses have combined sales of $235 million annually.
“Life sciences is an attractive growth industry and has low capital intensity,” said James Flaws, Corning's vice chairman and chief financial officer. “We expect this acquisition to provide a stable stream of incremental cash flow to Corning as we become a more balanced company.”
Discovery Labware is based in Billerica, Mass., and has operations in Massachusetts, North Carolina and England.
A. Schulman relocating to nearby site
FAIRLAWN, OHIO — A. Schulman Inc. will move its headquarters next year to a “more modern, efficient space” just two miles from its current location in Fairlawn.
The plastics compounder and resin distributor will relocate to a larger, 34,000-square-foot facility, where it will employ about 130.
“Our new headquarters will serve as our global base to support the strategic expansion of our business in markets around the world,” Joseph Gingo, chairman, president and CEO of the company, said in a news release.
The company also will move workers to the new facility from its nearby Akron Product Technology Center, which it plans to sell. Proceeds from the sale will support A. Schulman's growth initiatives, such as capital investments.
The company will sell its existing headquarters building to Landridge Development and lease its new building from the same developer.