Last checked at 12 Jul 2018 07:00
Xaar plc
Announcement of 3D Printing Joint Investment
Xaar PLC (LON: XAR) ("Xaar") is pleased to announce today that it will invest with Stratasys (NASDAQ: SSYS), a global leader in additive manufacturing, in a newly formed company, Xaar 3D Limited ("Xaar 3D Ltd"), to develop 3D printing solutions based on High Speed Sintering technologies. Xaar 3D Ltd will leverage the natural synergies between Xaar and Stratasys, specifically Xaar's technology relating to High Speed Sintering and industrial piezo inkjet printheads, along with the commercial and market expertise of Stratasys.
Xaar will hold 85% of Xaar 3D Ltd shares with Stratasys holding 15%. In addition, Stratasys has been granted an option to increase its ownership in Xaar 3D Ltd to a total of 30%. Xaar 3D Ltd will hold all of Xaar's High Speed Sintering assets. The new company's Board will be chaired by Xaar CEO, Doug Edwards.
Doug Edwards, Chief Executive Officer, Xaar
"We are delighted to launch our partnership with Stratasys. This joint investment in the development of 3D printing technologies reinforces the value created by our R&D and continues our plan to diversify Xaar's business. We are also pleased to be working alongside a leader in the 3D printing space, who recognises the value of Xaar's technology and expertise."
Scott Crump, Chief Innovation Officer, Stratasys
"We are impressed with the Xaar team's achievements to date. We believe that the complementary assets of Stratasys and Xaar will enable Xaar 3D Ltd to develop solutions that further address customers' additive manufacturing requirements for a broader range of production applications."
Enquiries:
Xaar plc | |
Doug Edwards, Chief Executive Officer Lily Liu, Chief Financial Officer | +44 (0)1223 423 663 |
Tulchan Communications | |
James Macey White David Ison Deborah Roney | +44 (0)20 7353 4200 |
About XaarXaar is a world leader in the development of digital inkjet technology. Our technology drives the conversion of analogue printing and manufacturing methods to digital inkjet which is more efficient, more economical and more productive than the traditional methods which have been in use for years. We design and manufacture printheads as well as systems for product decoration and 3D Printing which use our inkjet technology.
About Stratasys
Stratasys is a global leader in additive technology solutions for industries including Aerospace, Automotive, Healthcare, Consumer Products and Education. For nearly 30 years, a deep and ongoing focus on customers' business requirements has fueled purposeful innovations - 1,200 granted and pending additive technology patents to date - that create new value across product lifecycle processes, from design prototypes to manufacturing tools and final production parts.