Desktop Metallic purchases 3D-printing competitor for $300 million

Burlington-based mostly Desktop Metal claimed Friday that it experienced acquired EnvisionTEC, a fellow maker of 3D-printing systems, in a $300 million deal.

EnvisionTEC, dependent in Dearborn, Mich., was founded in 2002 and sells 30 different printer configurations that clinical, qualified, and industrial purchasers use to develop objects from electronic structure documents. Desktop Metallic, established in 2015, mentioned the offer would more than double its distribution community.

The transfer follows Desktop Metal’s entry into the inventory marketplace past thirty day period. The company been given about $580 million as part of that former offer, in which it merged with a corporation whose shares were being by now public. Desktop Steel has reported the merger valued its business at $2.5 billion.

On Friday, Desktop Metallic main government Ric Fulop rang the opening bell on the New York Inventory Trade in celebration of the EnvisionTEC offer, the company stated.

“Together, Desktop Metallic and EnvisionTEC have an opportunity to shape the foreseeable future … and remodel how parts are manufactured around the entire world,” Fulop mentioned in a statement.

The offer is expected to near by the stop of March, and EnvisionTEC will remain a distinct subsidiary of Desktop Metallic.

Desktop Steel shares finished the working day at $23.75, up about 1.7 percent.

Andy Rosen can be arrived at at [email protected] Adhere to him on Twitter @andyrosen.