Stratasys Ltd, headquartered in Minneapolis, USA and Rehovot, Israel, has announced that it has entered into definitive agreements to acquire both Solid Concepts Inc and Harvest Technologies. The Additive Manufacturing equipment maker will purchase Solid Concepts for up to $295 million, the amount to be paid for Harvest Technologies was not disclosed.
Solid Concepts, based in Valencia, California, is the largest independent Additive Manufacturing service bureau in North America and a fast-growing partner to RedEye, Stratasys’ existing digital manufacturing service business. The company, founded in 1991, has six US facilities staffed by approximately 450 employees.
Harvest Technologies, based in Belton, Texas, is a specialty Additive Manufacturing service bureau established in 1995, with approximately 80 employees. Harvest Technologies was the first AM company in North America to become AS9100/ISO 9001 certified, and continues to produce end-use parts for multiple industries.
The transactions are expected to be completed early in the upcoming third quarter, subject to customary closing conditions. Upon completion of the transactions, Stratasys will combine Solid Concepts and Harvest Technologies with RedEye to establish one Additive Manufacturing services business unit.
“We are pleased to announce these strategic transactions, which will enable us to provide customers with a comprehensive offering that addresses a broad spectrum of additive manufacturing solutions,” stated David Reis, Stratasys CEO. “With Solid Concepts and Harvest Technologies, together with RedEye, we expect to create a strategic platform to meet our customers’ Additive Manufacturing requirements by significantly expanding our offering, targeting new applications, and strengthening our customer relationships.”