Stratasys has signed a definitive agreement to acquire the additive manufacturing materials business of Covestro AG.
The acquisition is expected to be immediately accretive upon closing. It will include R&D facilities and activities, global development and sales teams across Europe, the U.S. and China, a portfolio of approximately 60 additive manufacturing materials, and an IP portfolio comprised of hundreds of patents and patents pending.
The purchase price is approximately 43 million euros ($43.7 million), plus additional inventory, less certain liabilities. In addition, there is a potential earnout of up to 37 million euros, subject to the achievement of various performance metrics.
Covestro has been a part of Stratasys’ third-party materials ecosystem, and the acquisition will benefit customers using multiple Stratasys 3D printing platforms, including its Origin P3, Neo stereolithography, and H350 printers. Stratasys is already a distributor of Covestro’s Somos resins and they are already available for Neo and Origin® One 3D printers.
The acquisition is expected to close during the first quarter of 2023, and the transaction is subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions. The majority of employees of the acquired entity will continue to be based in Geleen, Netherlands and Elgin, Ill.