Xaar PLC Announcement of 3D Printing Joint Investment (3799U)
July 12 2018 - 1:00AM
UK Regulatory
TIDMXAR
RNS Number : 3799U
Xaar PLC
12 July 2018
Xaar plc
Announcement of 3D Printing Joint Investment
Xaar PLC (LON: XAR) ("Xaar") is pleased to announce today that
it will invest with Stratasys (NASDAQ: SSYS), a global leader in
additive manufacturing, in a newly formed company, Xaar 3D Limited
("Xaar 3D Ltd"), to develop 3D printing solutions based on High
Speed Sintering technologies. Xaar 3D Ltd will leverage the natural
synergies between Xaar and Stratasys, specifically Xaar's
technology relating to High Speed Sintering and industrial piezo
inkjet printheads, along with the commercial and market expertise
of Stratasys.
Xaar will hold 85% of Xaar 3D Ltd shares with Stratasys holding
15%. In addition, Stratasys has been granted an option to increase
its ownership in Xaar 3D Ltd to a total of 30%. Xaar 3D Ltd will
hold all of Xaar's High Speed Sintering assets. The new company's
Board will be chaired by Xaar CEO, Doug Edwards.
Doug Edwards, Chief Executive Officer, Xaar
"We are delighted to launch our partnership with Stratasys. This
joint investment in the development of 3D printing technologies
reinforces the value created by our R&D and continues our plan
to diversify Xaar's business. We are also pleased to be working
alongside a leader in the 3D printing space, who recognises the
value of Xaar's technology and expertise."
Scott Crump, Chief Innovation Officer, Stratasys
"We are impressed with the Xaar team's achievements to date. We
believe that the complementary assets of Stratasys and Xaar will
enable Xaar 3D Ltd to develop solutions that further address
customers' additive manufacturing requirements for a broader range
of production applications."
Enquiries:
Xaar plc
Doug Edwards, Chief Executive Officer
Lily Liu, Chief Financial Officer +44 (0)1223 423 663
Tulchan Communications
James Macey White
David Ison
Deborah Roney +44 (0)20 7353 4200
About Xaar
Xaar is a world leader in the development of digital inkjet
technology. Our technology drives the conversion of analogue
printing and manufacturing methods to digital inkjet which is more
efficient, more economical and more productive than the traditional
methods which have been in use for years. We design and manufacture
printheads as well as systems for product decoration and 3D
Printing which use our inkjet technology.
About Stratasys
Stratasys is a global leader in additive technology solutions
for industries including Aerospace, Automotive, Healthcare,
Consumer Products and Education. For nearly 30 years, a deep and
ongoing focus on customers' business requirements has fueled
purposeful innovations - 1,200 granted and pending additive
technology patents to date - that create new value across product
lifecycle processes, from design prototypes to manufacturing tools
and final production parts.
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END
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