Materials maker Covestro is selling its additive manufacturing business to Stratasys Ltd. for 43 million euros ($43.8 million).
Officials with Covestro in Leverkusen, Germany, said that with the sale, the firm "continues its portfolio optimization … to position itself even more efficiently in the market and … to place greater focus on its extensive offering for customers in its core industries."
Chief Financial Officer Thomas Toepfer added that additive manufacturing "is a growing but also highly competitive market. … Stratasys offers the optimal conditions to support the further growth" of the business. The deal is set to close in the first quarter of 2023.
The sale includes employees, R&D facilities, production assets and offices in the Netherlands, Germany, the U.S. and China. The business offers material solutions for polymer 3D printing processes and includes products from the Resins & Functional Materials business acquired from DSM in 2021, including the Somos and Addigy brands.
Stratasys is a leading 3D printing firm based in Rehovot, Israel. The firm supplies 3D printers, polymer materials, software and parts.
"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 a 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."
Covestro is a global supplier of polycarbonate resins and films, thermoplastic polyurethane, PU materials and foams, and other specialty chemicals and materials. The firm employs almost 18,000 and posted sales of 15.9 billion euros ($16.2 billion) in its 2021 fiscal year.