Burlington-based mostly Desktop Steel reported Friday that it had acquired EnvisionTEC, a fellow maker of 3D-printing technologies, in a $300 million deal.
EnvisionTEC, centered in Dearborn, Mich., was started in 2002 and sells 30 distinctive printer configurations that professional medical, qualified, and industrial consumers use to generate objects from digital style and design information. Desktop Metal, established in 2015, mentioned the offer would a lot more than double its distribution network.
The shift follows Desktop Metal’s entry into the stock current market previous month. The organization acquired about $580 million as section of that earlier offer, in which it merged with a business whose shares have been now general public. Desktop Metal has stated the merger valued its company at $2.5 billion.
On Friday, Desktop Metal chief government Ric Fulop rang the opening bell on the New York Stock Trade in celebration of the EnvisionTEC deal, the firm mentioned.
“Together, Desktop Metal and EnvisionTEC have an possibility to form the long term … and renovate how pieces are made close to the entire world,” Fulop said in a statement.
The offer is expected to close by the stop of March, and EnvisionTEC will continue to be a unique subsidiary of Desktop Metallic.
Desktop Steel shares ended the working day at $23.75, up about 1.7 per cent.