Stratasys Buys Printer Maker Solidscape for $38M
Eden Prairie-based Stratasys, Inc., on Tuesday announced that it has acquired Solidscape, Inc.-a manufacturer of 3D printers-for $38 million.
Under the terms of the agreement, Merrimack, New Hampshire-based Solidscape will operate as a subsidiary of Stratasys. Its leadership, management team, and employees will be retained.
Solidscape specializes in manufacturing 3D printers for the jewelry, medical, dental, and industrial markets. The company's technology produces patterns that are used to cast highly precise metal parts.
Solidscape had revenues of $13.4 million and earnings of about $4.3 million in 2010. Stratasys, which reported earnings of $9.37 million in 2010, said it expects the acquisition to add about 4 cents per share to its 2011 earnings.
“Solidscape is a strong, profitable company with an excellent reputation in the markets it serves,” Stratasys CEO Scott Crump said in a statement. “We believe there is a significant market opportunity to expand its business in the under-penetrated jewelry market and the relatively undeveloped medical, dental, and industrial markets.”
Stratasys makes manufacturing machines for prototyping and producing plastic parts and sells its products under the Fortus 3D Production Systems and Dimension 3D Printers brands. It is among Minnesota's 75-largest public companies based on revenue, which totaled $117.1 million in 2010.