Stratasys Buys Out Partner, Ups Investment In Japan
3D printing giant Stratasys, Ltd., recently said it is increasing its investment in the Japanese market by buying out a minority partner in a joint venture that it launched in the country.
Eden Prairie-based Stratasys said it is acquiring Fasotec Company’s minority interest in Stratasys Japan for an undisclosed sum, making the Japanese business a wholly owned subsidiary of Stratasys.
Stratasys and Fasotec, a Tokyo-based engineering firm with expertise in 3D technology, launched the Japanese joint venture in 2012. Fasotec’s main customer base comprises the automotive industry, plus electrical and electronics, aerospace, consumables, and medical.
Stratasys said the Japanese market is rapidly expanding, and the deal to acquire full ownership of its Japanese business was made to prepare for even faster future growth.
“We witness strong growth in the 3D printing market in Japan. Stratasys is positioned to invest more on infrastructure in order to build awareness and a strong foundation to support our customers, partners, and the industry,” Jonathan Jaglom, general manager of Stratasys’ Asia Pacific operations, said in a statement. “We wish to sincerely thank our partner, Fasotec, for their years of commitment in the partnership, which helped create new opportunities in the market for us.”
Stratasys—a manufacturer of 3D printers and materials for personal use, prototyping, and production—has shown a special interest in the Asia Pacific market. Earlier this month, it opened a local office in Singapore, shortly after the Singapore government announced its support of the 3D printing industry with an investment of $500 million over five years for manufacturing programs. Stratasys said its new local operations would allow it to take full advantage of the city’s drive to develop new manufacturing technologies.
Stratasys also underwent a massive expansion last year when it merged with a competitor, Israel-based Objet, Ltd., to form what then became a company with combined equity value of $1.4 billion.
In August, it completed another merger, with Brooklyn, New York-based 3D printing competitor MakerBot, for $403 million. After the deal was made, Stratasys said it expected revenue of more than $400 million in 2013.
More recently, the company conducted a public offering. Stratasys sold about 5.2 million shares at a price of $93.00 per share. The company expected net offerings to reach about $400 million but ended up receiving about $463 million, after deducting estimated public offering expenses.
Stratasys now has more than 1,500 employees and holds about 500 granted or pending manufacturing patents globally. Click here to learn more about any recent Stratasys business developments.
Shares of Stratasys’ stock were trading up about 0.32 percent at $111.21 during Monday afternoon trading. Its stock has risen nearly 60 percent over the last six months.